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Related Party Transactions
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
Related Party Transactions

8. Related Party Transactions

 

The principal members of the Company have a controlling interest in PatentVest, S.A. (renamed MDB Capital, S.A. in 2022), a company organized and based in Nicaragua that provides outsourced services to the Company and other non-related entities. During the nine months ended September 30, 2023 and 2022, the Company paid $829,474 and $882,601, respectively, which is inclusive of expenses and fees, for contracted labor, recorded against general and administrative expenses.

 

During the nine-months ended September 30, 2022, the Company utilized 1,300 square feet provided by the controlling member of the Company for a monthly charge of $1,600 per month.

 

In January 2022, the Company declared to its two principal members a cash distribution of $2,723,700, it was distributed in July 2022.