Related Party Transactions |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| RELATED PARTY TRANSACTIONS | |
| Related Party Transactions | NOTE 18 – RELATED PARTY TRANSACTIONS
During the years ended December 31, 2024 and 2023, the Company paid or accrued $312,500 and $370,000 in management fees to its directors. Included in accounts payable at December 31, 2024 is $412,500 due to related parties.
Restricted Stock Awards
During the year ended December 31, 2022 the Compensation Committee approved stock awards to employees, directors and consultants of the Company. The stock awards approved were issued to each of the individuals/entities and vested 25% immediately and the remainder vest 25% each year on December 31 for the next three years, subject to resignation or termination provisions. The awards totaled 1,500,000 shares of which 1,175,000 were awarded to officers and/or directors. Total stock-based compensation recognized on awards granted to related parties totaled $690,313 for the years ended December 31, 2023 and $969,375 for the year ended December 31, 2024. Due to a termination, 112,500 shares under these awards were cancelled in December 2024. On June 3, 2024, Mr. Rohan Hazelton was appointed as the Company’s new Chief Executive Officer. In connection with Mr. Hazelton’s appointment, the Company entered into an Employment Agreement with Mr. Hazelton that included a signing bonus of 750,000 stock options as detailed below, 500,000 Restricted Stock Units vesting per year on each of the first three anniversaries of the grant date, the terms of which are to be determined by the Compensation Committee and 500,000 Deferred Stock Units, the terms and metrics of which are to be determined by the Compensation Committee. On July 22, 2024, Mr. Alonso Sotomayor was appointed as the Company’s new Chief Financial Officer. In connection with Mr. Sotomayor’s appointment, the Company entered into an Employment Agreement with Mr. Sotomayor that included a signing bonus of 225,000 restricted stock units vesting per year on each of the first three anniversaries of the grant date, the terms of which are to be determined by the Compensation Committee.
Options Awarded
On February 16, 2024, in conjunction with joining the Board of Directors, Mr. Quinton Hennigh was awarded options to purchase up to 400,000 shares of Common Stock at an exercise price of $5.00 per share, with such options vesting in 25% increments on each of the first four anniversaries of the date of the award.
On June 3, 2024, Mr. Rohan Hazelton, in conjunction with accepting the position of Chief Executive Officer, was awarded options to purchase up to 750,000 shares of Common Stock at an exercise price of $1.75 per share, with such options vesting and becoming exercisable per year on each of the first three anniversaries of the grant date and will be exercisable for a period of five years from the grant date. |