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Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

Note 5 — Related Party Transactions

 

The aggregate Due To: PAVmed Inc. for the periods indicated is summarized as follows:

   MSA Fees   Employee-Related Costs   PAVmed Inc. OBO Payments   Total 
Balance - December 31, 2022  $1,650   $3,026   $284   $4,960 
MSA fees   9,000    —    —    9,000 
ERC - Benefits   —    1,828    —    1,828 
On Behalf Of (OBO) activities   —    —    1,035    1,035 
Cash payments to PAVmed Inc.   (4,500)   (1,691)   (1,293)   (7,484)
Balance - December 31, 2023  $6,150   $3,163   $26   $9,339 

 

 

Note 5 — Related Party Transactions - continued

 

PAVmed - Management Services Agreement

 

The Company’s daily operations are also managed in part by personnel employed by PAVmed, for which the Company incurs a service fee, referred to as the “MSA Fee”, according to the provisions of a Management Services Agreement (“MSA”) with PAVmed. The MSA does not have a termination date, but may be terminated by the Company’s board of directors. The MSA Fee is charged on a monthly basis and is subject-to periodic adjustment corresponding with changes in the services provided by PAVmed personnel to the Company, with any such change in the MSA Fee being subject to approval of the boards of directors of each of the Company and PAVmed. The respective companies’ boards of directors approved an amendment to the MSA to increase the MSA Fee to $750 per month, effective January 1, 2023, which was entered into by PAVmed and the Company on May 9, 2023. During the six months ended December 31, 2022, MSA fees were $550 per month. During the six months ended June 30, 2022, MSA Fees were $390 per month.

 

Subsequent to December 31, 2023, in March 2024, we entered into an eighth amendment to the MSA. Under the amendment, the monthly fee due from the Company to PAVmed was increased from $750 to $833. Subsequent to December 31, 2023, on January 26, 2024, PAVmed elected to receive payment of $4,675 of fees and reimbursements due from Lucid, through the issuance of 3,331,771 shares of Lucid Diagnostics common stock.

 

The MSA Fee expense classification in the consolidated statement of operations for the periods noted is as follows:

 

   2023   2022 
  

Years Ended

December 31,

 
   2023   2022 
Sales & Marketing  $436   $1,043 
General & Administrative   6,350    3,066 
Research & Development   2,214    1,531 
Total MSA Fee  $9,000   $5,640 

 

The classification of the MSA Fee as presented above is based on the PAVmed classification of employee salary expense and other operating expenses. In this regard, PAVmed classifies employee salary expense as sales and marketing expenses for employees performing sales, sales support and marketing activities, research and development expenses for those employees who are engaged in product and services engineering development and design and /or clinical trials activities, and other employees and activities classified as general and administrative.