Related Party Transactions |
3 Months Ended |
|---|---|
Mar. 31, 2025 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions [Text Block] |
Note 14 - Related Party Transactions Royalty fees associated with sales of Leatt-Brace® products are paid to Holdings, a company owned by a director, and a related individual who is a shareholder. Royalties are based on 5% of the cash received from net sales of the neck braces worldwide and totalled $59,419 and $40,325 for the periods ended March 31, 2025 and 2024. The term of the royalty agreement is for the life of the intellectual property. As of March 31, 2025 and December 31, 2024, accrued royalties totalled $16,912 and $10,140. On November 8, 2021, the Company entered into a consulting agreement with Innovation Services Limited, or Innovation, a Jersey limited company in which the Company's founder and chairman is an indirect beneficiary, pursuant to which Innovation served as the Company's exclusive research, development and marketing consultant. Monthly consulting fees amounting to $45,481 were payable effective January 1, 2024 until June 30, 2024, and increased to $47,072 effective July 1, 2024. During the periods ended March 31, 2025 and 2024, the Company recognized an aggregate of $141,217 and $136,442, respectively in consulting fees to Innovation. |