RELATED PARTY TRANSACTIONS |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 10 – RELATED PARTY TRANSACTIONS
Other than as set forth below, and as disclosed in Notes 7, 8, and 13, 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 $ (of which $42,416 was paid and $412,584 is unpaid and accrued) and $ (of which $170,625 was paid and $284,375 is unpaid and accrued) for the years ended December 31, 2024 and 2023, respectively. The cumulative amount accrued at December 31, 2024 related to Mr. Joyce’s salary was $715,210.
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 $ (of which $83,688 was paid and $225,313 is unpaid and accrued) and $ (of which $125,000 was paid and $100,000 is unpaid and accrued) for the years ended December 31, 2024 and 2023, respectively. The cumulative amount accrued at December 31, 2024 related to Dr. Marleau’s salary was $325,313.
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