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 |
Amount for the 2026 fiscal year |
| 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 - $187
Management fee - $40,000
Account Payable - $40,000 |
| 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 - $314
Lease liability - $14,905
Short-term rental expense - $23,712 |
| 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
Operational income and expenses 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 |
DISA Medinotec Proprietary Limited leases
commercial buildings from Minoan Capital Proprietary Limited (“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.
Set forth below is a table showing the
Consolidated entities' lease payments for the year ended February 28, 2026 and February 28, 2025 with Minoan Capital:
| | |
2026 $ | |
2025 $ |
| Lease payments | |
| 33,774 | | |
| 32,031 | |
The Company incurs monthly rental charges
payable to Minoan Capital for the use of training centre facilities. As no long-term fixed rental agreement exists and the arrangement
is invoiced monthly, the Company does not account for the arrangement as a lease.
Set forth below is a table showing the
Consolidated entities' rental expenses relating to the training centre facilities for the year ended February 28, 2026 and February 28,
2025 with Minoan Capital:
| | |
2026 $ | |
2025 $ |
| Rental
expense | |
| 23,712 | | |
| — | |
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.
There is an unsecured loan from the prior
parent entity of DISA Medinotec Proprietary Limited incorporated in South Africa called Minoan Medical Proprietary Limited (a related
party). This loan originated to fund working capital and capex expansions of DISA Medinotec Proprietary Limited Incorporated during the
developmental and startup phase.
The Consolidated entities, particularly
Medinotec Inc. has the option to settle earlier in cash or any form of equivalent.
There is also an unsecured, interest free
loan with no fixed terms of repayment from Minoan Capital.
Minoan Medical and Minoan Capital are related
parties of the Group as the CEO Dr Gregory Vizirgianakis has common control.
|