Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.21.1
Related Party Transactions
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 8 – RELATED PARTY TRANSACTIONS


During the year ended December 31, 2018, an entity controlled by Mr. Vadim Sakharov, a former director and executive officer of the Company, provided a $50,000 non-interest-bearing, no-term loan to the Company. An additional $5,530 of non-interest bearing no-term proceeds were loaned to the Company during the year ended December 31, 2019. As of March 31, 2021, and December 31, 2020, the balance was $55,530 and $55,530, respectively.


During the three months ended March 31, 2021 and 2020, the Company purchased an aggregate of $90,935 and $101,613, respectively, of medical devices for resale and distribution from Neurotech, a company that Mr. Sakharov, a former director and executive officer of the Company, is a shareholder and executive manager.


During the three months ended March 31, 2021 and 2020, the Company had expenses related to research and development costs of $15,805 and $10,200, respectively, to an entity controlled by Boris Goldstein, the Company’s Chairman of the Board.


During the three months ended March 31, 2021 and 2020, the Company had expenses related to sales and marketing costs of $8,734 and $11,641, respectively, to an entity controlled by Mr. Sakharov, a former director and executive officer of the Company.


During the year ended December 31, 2019, an affiliate of Boris Goldstein, the Company’s Chairman of the Board, provided an aggregate total of $50,000, in a non-interest-bearing, no-term loan to the Company. As of March 31 , 2021 and December 31, 2020, the balance was $50,000 and $50,000, respectively.


During the year ended December 31, 2019, an affiliate of Nickolay Kukekov, a director of the Company, provided an aggregate total of $217,000 in non-interest-bearing, no-term loans to the Company. As of March 31, 2021 and December 31, 2020, the balance was $217,000 and $217,000, respectively.