Related Party Transactions

9 Months Ended

Sep. 30, 2024

Related Party Transactions [Abstract]

Related Party Transactions

7. Related Party Transactions

During the three months ended September 30, 2024 and 2023, the Company incurred consulting fees of $0 and $63,600 and during the nine months ended September 30, 2024 and 2023, the Company incurred consulting fees of $63,600 and $190,800, respectively, for services rendered by Bruce Horowitz (Capital Strategists) a former member of the Board and former Chief Operating Officer (“COO”). As of March 25, 2024, Mr. Horowitz resigned as COO and member of the Board. On March 26, 2024, the Company paid Mr. Horowitz $250,000 and on June 27, 2024, the Company paid $258,000 for outstanding consulting fees.

Directors’ fees for Mr. Horowitz for the nine months ended September 30, 2024 and 2023 were $0 and $56,250, respectively. Accrued director fees for Mr. Horowitz as of September 30, 2024 and December 31, 2023 were $0 and $431,250, respectively. Mr. Horowitz waived the amount of $450,000 due to him in directors’ fees upon his resignation.

See Note 5 for details of other related party transactions.

Directors’ fees incurred during the three months ended September 30, 2024 and 2023, were $77,500 and $96,250, respectively. Directors’ fees incurred during the nine months ended September 30, 2024 and 2023, were $251,250 and $288,750, respectively. Accrued directors’ fees as of September 30, 2024 and December 31, 2023 were $0 and $2,330,589, respectively.