Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions

Related Party Transactions

NOTE 6 – Related Party Transactions

On August 6, 2021, the Company borrowed $125,000 from Mr. Tan Tran, the former CEO and current Chief Strategy Officer. The loan will mature and become payable 12 months from the date of signing. Interest at the rate of 1% will be accrued on the outstanding balance. As of August 5, 2023, this loan’s maturity date was extended to August 5, 2024.  On June 21, 2024, the Company repaid $100,000 of the loan.  On July 3, 2024, the Company paid the outstanding loan balance of $25,000.  At September 30, 2024, there was no loan outstanding to Mr. Tran.

On April 1, 2024, as part of the Business Combination, Mr. Tan transferred his Preferred A shares to Mr. Hoang Van Nguyen and Asian Star Trading & Investment Pte. Ltd.  At September 30, 2024, Mr. Tan no longer holds any Preferred A shares. Additionally, as part of the Business Combination, Vemanti disposed of VoiceStep LLC by transferring it to Mr. Tan Tran. 

On January 1, 2024, the Company entered into a debt arrangement with VinHMS VN to purchase the hospitality suite of products.  Please see Note 7 for the details of the note payable. 

The Company uses a related party, VINHMS Software Production and Trading Joint Stock Company (“VinHMS VN”), to collect revenue from its Vietnam customers through a sales and distribution agreement until December 31, 2024, at which time the contracts will be renewed with VinHMS Pte. Ltd.  VinHMS pte. Ltd. pays a commission of 15% of sales to VinHMS VN to perform this service.

At September 30, 2024, net revenue recognized from this relationship was $948,565 with outstanding amounts of accounts receivable of $161,002 and accounts payable of $39,540.