Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | 8. Related Party Transactions
The principal members of the Company have a controlling interest in MDB Capital, S.A., a company organized and based in Nicaragua that provides outsourced services to the Company and other non-related entities. During the three months ended March 31, 2025 and 2024, the Company paid $455,358 and $320,792, respectively, which is inclusive of expenses and fees, for contracted labor, recorded against general and administrative expenses.
During the three months ended March 31, 2025, PatentVest, a 100% entity owned the Company, engaged in transactions with ENDRA Life Sciences Inc – NDRA on Nasdaq, a company for which one of our executive officers serves as a board member, Anthony DiGiandomenico, our Head of New Venture Discovery. For the three months ended March 31, 2025, there were no financial transactions recognized between the MDB Capital entities and ENDRA.
During the three months ended March 31, 2025, PatentVest, a 100% entity owned by the Company, engaged in transactions with eXoZymes and recognized revenues of $45,364.
During the three months ended March 31, 2025, the Company recorded related party receivables totaling $86,764, this amount is for services performed by PatentVest on behalf of eXoZymes. Additionally, the Company recorded accrued expenses of $22,176 payable to officers and directors, representing reimbursable expenses incurred in the ordinary course of business. All transactions were conducted on an arm’s-length basis and are expected to be settled in the normal course of operations.
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