RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 9 – RELATED PARTY TRANSACTIONS
Other than as set forth below, and as disclosed in Note 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. The Company incurred compensation expense of $ (including accrued compensation of $113,748) and $ (including accrued compensation of $113,748), and $ (including accrued compensation of $61,210) and $ (including accrued compensation of $61,210) for the three and six months ended June 30, 2024 and 2023, respectively.
Mr. DeCiccio was hired December 6, 2023 as the Company’s Chief Financial Officer (“CFO”). Mr. DeCiccio receives an annual base salary of $250,000, plus discretionary bonus compensation not to exceed 40% of salary. Mr. DeCiccio’s employment also provides for medical insurance, disability benefits and three months of severance pay if his employment is terminated without cause or due to a change in control. Additionally, Mr. DeCiccio was granted up to options to purchase of the Company’s common shares. The Company incurred compensation expense of $ (including accrued compensation of $31,248) and $ (including accrued compensation of $62,496) for the three and six months ended June 30, 2024. Prior to Mr. DeCiccio being hired as the CFO, he was a consultant to the Company. The Company has recorded a balance due to Mr. DeCiccio of $26,575 and $35,242 under Accounts Payable in the accompanying the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively, for services rendered.
On April 1, 2023, the Company entered into an Employment Agreement with Dr. Annette Marleau whereby Dr. Marleau became the Company’s Chief Scientific Officer. Dr. Marleau receives an annual base salary of $300,000, with automatic 3% annual increases plus bonus compensation not to exceed 40% of salary. Dr. Marleau’s employment also provides for medical insurance, disability benefits and up to six months of severance pay if her employment is terminated by the Company. The Company incurred compensation expense of $ (including accrued compensation of $64,375) and $ (including accrued compensation of $141,625), and $ (including accrued compensation of $26,610) and $ (including accrued compensation of $26,610) for the three and six months ended June 30, 2024 and 2023, respectively.
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