13. 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 three months ending May 31, 2026 |
| 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
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- $307
Lease liability - $5,929
Short term rental expense - $8,127 |
| 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 |
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 |
| 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.
Set forth below is a table showing the
Consolidated entities' lease payments for the three months ended May 31, 2026 and May 31, 2025 with Minoan Capital:
| | |
May 31, 2026 (unaudited) $ | |
May 31, 2025 $ |
| Lease payments | |
| 8,829 | | |
| 8,014 | |
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 the three months ended May 31, 2026 and May 31,
2025 with Minoan Capital:
| | |
May 31, 2026 (unaudited) $ | |
May 31, 2025 $ |
| Rental expense | |
| 8,127 | | |
| — | |
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.
|