Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2021 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
NOTE 8 – Related Party Transactions
Other than as set forth below, and as disclosed in Notes 5 and 7, there have not been any transaction entered into or been a participant in which a related person had or will have a direct or indirect material interest.
Employment Agreements
Mr. Joyce receives an annual base salary of $455,000, plus bonus compensation not to exceed 50% of salary. Mr. Joyce’s employment also provides for medical insurance, disability benefits and one year of severance pay if his employment is terminated without cause or due to a change in control. Additionally, the Company has agreed to maintain a beneficial ownership target of 9% for Mr. Joyce. Mr. Joyce’s compensation was approved by the Reign Resources Corporation Board of Directors on October 6, 2020 and was among conditions of the Share Exchange Agreement that was completed with Sigyn Therapeutics on October 19, 2020. The Company incurred compensation expense of $132,983 and $15,951 and employee benefits of $5,337 and $5,106 for the three months ended March 31, 2021 and 2020, respectively.
Sigyn had no employment agreement with its Chief Technology Officer (“CTO”) but Sigyn still incurred compensation on behalf of the CTO. The Company incurred compensation expense of $66,602 and $10,199 and employee benefits of $5,337 and $5,106 for the three months ended March 31, 2021 and 2020, respectively. |