14. Transactions
with related parties
| Name |
Relationship
with the Medinotec Group of Companies |
Related
transactions with the Medinotec Group of Companies |
Related
Directors with the Medinotec Group of Companies |
Related
Owners with the Medinotec Group of Companies |
Amounts
for the quarter ending May 31, 2025 |
| Minoan
Medical Proprietary Limited |
Medical
investment company controlled by Dr Gregory Vizirgianakis |
Related
Party Loan |
Dr
Gregory Vizirgianakis
|
Dr
Gregory Vizirgianakis is the ultimate beneficial owner |
Loan
payable - $938,659 |
| Minoan
Capital Proprietary Limited |
Property
investment company controlled by Dr Gregory Vizirgianakis |
Related
party loan
Rental
Expenses |
Dr
Gregory Vizirgianakis is the ultimate beneficial owner
|
Dr
Gregory Vizirgianakis is the ultimate beneficial owner |
Loan
payable- $278
Lease
liability - $35,383 |
| Medinotec
Capital Proprietary Limited |
The
African holding company of the Medinotec Group of Companies |
Related
party loan payable to Minoan Capital |
Dr
Gregory Vizirgianakis
Pieter
van Niekerk |
Medinotec
Incorporated in Nevada is the 100% ultimate parent entity |
n/a |
| DISA
Medinotec Proprietary Limited |
The
African operating and manufacturing company |
Related
party loan with Minoan Medical |
Dr
Gregory Vizirgianakis
Pieter
van Niekerk |
Medinotec
Incorporated in Nevada is the 100% ultimate parent entity |
n/a |
| Medinotec
Incorporated Nevada |
Ultimate
parent of Medinotec Capital and DISA Medinotec |
All
of the above for its related subsidiaries |
Dr
Gregory Vizirgianakis
Pieter
van Niekerk
Joseph
P Dwyer
Stavros
Vizirgianakis
Athanasios
Spirakis |
This
is the entity owned by the shareholders and primarily controlled by Dr Gregory Vizirgianakis and his Brother Stavros Vizirgianakis |
n/a |
| Medinotec
Group of Companies |
The
Consolidated group name of Medinotec Incorporated, Medinotec Capital Proprietary Limited and DISA Medinotec Proprietary Limited |
above
for its related subsidiaries |
Dr
Gregory Vizirgianakis
Pieter
van Niekerk
Joseph
P Dwyer
Stavros
Vizirgianakis
Athanasios
Spirakis |
This
is the entity owned by the shareholders and primarily controlled by Dr Gregory Vizirgianakis and his Brother Stavros Vizirgianakis |
n/a |
| Pieter
van Niekerk |
Chief
financial officer of the Medinotec Group of Companies |
Transactions
relating to mutual entities disclosed above
|
Related
directorships disclosed above |
Minority
Shareholder in Medinotec Inc
|
n/a |
| Gregory
Vizirgianakis |
Chief
Executive officer of the Minoan Group of Companies
Brother
of Stavros Vizirgianakis |
Transactions
relating to mutual entities disclosed above |
Related
directorships disclosed above |
Shareholder
in Medinotec Inc and Kingstyle investments. |
n/a |
| Stavros
Vizirgianakis |
Non-Executive
director of the Medinotec Group of companies
Brother
of Gregory Vizirgianakis |
Transactions
relating to mutual entities disclosed above |
No
Related other Directorships in Medinotec Group of Companies |
n/a |
n/a |
| Joseph
Dwyer |
Non-Executive
director of the Medinotec Group of companies
|
Transactions
relating to mutual entities disclosed above |
No
Related other Directorships in Medinotec Group of Companies
|
n/a |
n/a |
| Athanasios
Spirakis |
Independent
director of the Medinotec Group of companies |
Transactions
relating to mutual entities disclosed above |
No
Related other Directorships in Medinotec Group of Companies
|
n/a |
n/a |
a.
Rent
DISA
Medinotec Propriety Limited leases commercial buildings from Minoan Capital. Minoan Capital is owned 100% by the Chief Executive Officer
of the Medinotec Group of Companies, Dr. Gregory Vizirgianakis. We are currently also renting storage and office space in the US on a
12-month lease agreement. The lease agreement with Minoan Capital accounted for as a lease liability, while the US storage and office
space is recognized directly as an expense.
Rental
expense for operating leases for the three months ended May 31, 2025 was $9,664 compared to $7,793 for the three months ended May 31,
2024.
Set forth below is a table showing the
Consolidated entities' rent paid for the three months ended May 31, 2025 for our commercial buildings in South Africa and the Melville,
New York storage and office space:
| |
|
|
|
|
|
|
|
|
|
| | |
May 31, 2025 (unaudited) $ | |
May 31, 2024 $ |
| Rent | | |
| 9,664 | | |
| 7,793 | |
Rent
is comparable to rent charged for similar properties in the same relative area. The company does market research of a Minimum and a Maximum
rental value within the area at every renewal of the rental agreement to ensure this is market related, this exercise is undertaken together
with a registered property agent who has the appropriate knowledge of the area.
b.
Loan
As
of May 31, 2025 the Company has an unsecured loan payable of $938,659 from Minoan Medical, the prior parent entity of DISA Medinotec
Proprietary Limited, which is incorporated in South Africa. This loan was originally obtained to finance working capital and capital
expenditure (capex) expansions of DISA Medinotec during its developmental and startup phases.
The
consolidated entities, particularly Medinotec Inc., have the option to settle this loan earlier in cash or in any equivalent form. The
terms of the loan stipulate that it is to be repaid within three years following the initial public offering (IPO) or upon the commencement
of trading on a recognized national exchange for example NASDAQ, whichever occurs first. During this three-year period, the loan will
accrue interest at the prevailing prime lending rate, which was 10.75% as of May 31, 2025.
The
terms of this loan are deemed to be market-related, reflecting conditions that are customary for similar arrangements.
|