Related party disclosures

9 Months Ended

Sep. 30, 2021

4.	Related party disclosures:

The amounts included in the accompanying consolidated balance sheets and consolidated statements of operations are as follows:

	September 30, 2021 (Unaudited)		December 31, 2020
Due to related parties	Unpaid compensation cost		Unpaid compensation cost
Vassilios Gregoriou	$	-	$	613,971
Emory Sayre De Castro		-		425,528
Christos Kaskavelis		-		75,160
Charalampos Antoniou		30,000		-
Total	$	30,000	$	1,114,659

	September 30, 2021 (Unaudited)		December 31, 2020
Due from related parties	Prepayment		Prepayment
Charalampos Antoniou	$	-	$	67,781
Total	$	-	$	67,781

The outstanding balances as of December 31, 2020 due to/from the Company’s executives and officers relating to unpaid compensation and prepaid services were settled during the first quarter of 2021.

The Company executives, Vassilios Gregoriou, Christos Kaskavelis, Emory Sayre De Castro, James Coffey and William Hunter, each received a signing bonus and transaction bonus upon the consummation of the merger in an aggregate amount of $5.6 million, which is included in administrative and selling expenses in the statement of operations for the nine months period ended September 30, 2021.