Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions

Related Party Transactions

Note 10. Related Party Transactions

The Company’s CEO and Director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr. Doris’s. During the three months ended March 31, 2024 and 2023, the Company paid or accrued $150,000 and $90,000, respectively, in fees to AGD Advisory Group, Inc. As of  March 31, 2024 and December 31, 2023, the total amount due to AGD Advisory Group, Inc. was $690,000 and $630,000, respectively, and is included in accounts payable.

During the three months ended March 31, 2024, the Company’s CEO and Director, James Doris, advanced $190,830 to Viking Ozone Technology, LLC related to the manufacture of a medical waste unit. This advance is non-interest bearing with no fixed repayment terms and is included in “Due to related parties”.

The Company’s CFO, John McVicar, renders professional services to the Company through 1508586 Alberta Ltd., an affiliate of Mr. McVicar’s. During the three months ended March 31, 2024 and 2023, the Company paid or accrued $90,000 and $60,000, respectively, in fees to 1508586 Alberta Ltd.

Simson-Maxwell

At the time of acquisition, Simson-Maxwell had several amounts due to/due from related parties and notes payable to certain employees, officers, family members and entities owned or controlled by such individuals. Viking assumed these balances and loan agreements in connection with the acquisition.

The balance of amounts due to and due from related parties as of March 31, 2024 and December 31, 2023 are as follows:

	Due from related party		Due to related party			Net due (to) from
March 31, 2024
Simmax Corp. & majority owner	$	341,397	$	(628,971	)	$	(287,574	)
Adco Power Ltd.		-		-			-
	$	341,397	$	(628,971	)	$	(287,574	)
December 31, 2023
Simmax Corp. & majority owner	$	334,437	$	(643,121	)	$	(308,684	)
Adco Power Ltd.		-		-			-
	$	334,437	$	(643,121	)	$	(308,684	)

Simmax Corp. owns a 17% non-controlling interest in Simson-Maxwell and is majority owned by a Director of Simson-Maxwell. Adco Power Ltd., an industrial, electrical and mechanical construction company, is a wholly owned subsidiary of Simmax Corp., and conducts business with Simson-Maxwell.

The notes payable to related parties as of March 31, 2024 and December 31, 2023 are as follows:

	March 31,			December 31,
	2024			2023
Total notes payable to related parties	$	949,563		$	986,017
Less current portion of notes payable - related parties		(408,031	)		(407,154	)
Notes payable - related parties, net of current portion	$	541,532		$	578,863