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Related Party Transactions | 12 Months Ended
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Dec. 31, 2023
Related Party Transactions [Abstract] |
Related Party Transactions | 3. Related Party Transactions The Company has two demand notes receivable from shareholders related to the sale of common stock on January 1, 2016. Both notes’ initial balances were $506,400, with interest calculated monthly based on applicable federal rates. No payments have been received on the notes. Since repayment is not assured, the Company provided an allowance for the entire balance of principal and interest as of December 31, 2019. The current allowance is $1,154,541 as of December 31, 2023. The current loan balances are as follows: Schedule of Related Party Transactions
|  | Loan |  |  | Interest |  |  | Interest |
December 31, 2023 |  | Receivable |  |  | Receivable |  |  | Income |
Shareholder 1 |  | $ | 506,400 |  |  | $ | 70,938 |  |  | $ | 23,867 |
Shareholder 2 |  |  | 506,400 |  |  |  | 70,803 |  |  |  | 23,867 |
|  |  | 1,012,800 |  |  |  | 141,741 |  |  |  | 47,734 |
Allowance for Collection Risk |  |  | (1,012,800 | ) |  |  | (141,741 | ) |  |  | (47,734 | )
Net Balance |  | $ | — |  |  | $ | — |  |  | $ | — |
|  | Loan |  |  | Interest |  |  | Interest |
December 31, 2022 |  | Receivable |  |  | Receivable |  |  | Income |
Shareholder 1 |  | $ | 506,400 |  |  | $ | 47,071 |  |  | $ | 11,523 |
Shareholder 2 |  |  | 506,400 |  |  |  | 46,936 |  |  |  | 11,523 |
|  |  | 1,012,800 |  |  |  | 94,007 |  |  |  | 23,046 |
Allowance for Collection Risk |  |  | (1,012,800 | ) |  |  | (94,007 | ) |  |  | (23,046 | )
Net Balance |  | $ | — |  |  | $ | — |  |  | $ | — |
The Company has loans payable to shareholders related to funding needs for operations. The current loan details for all related party loans are as follows: Schedule of Related Party Loans payable to shareholder
|  |  |  |  |  |  |  |  |  |  | Interest & |  |  |  |
|  |  |  |  | Interest |  |  | Loan |  |  | Service Fee |  |  | Interest |
December 31, 2023 |  | Due Date |  |  | Rate |  |  | Balance |  |  | Accrued |  |  | Paid |
Shareholder 1 |  |  | June, 2019 |  |  |  | 15.00 | % |  | $ | — |  |  | $ | — |  |  | $ | 10,047 |
Shareholder 1 |  |  | June, 2019 |  |  |  | 15.00 | % |  |  | — |  |  |  | — |  |  |  | 27,056 |
Other Convertibles |  |  | Various |  |  |  | 5.00 | % |  |  | — |  |  |  | 66,648 |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | — |  |  | $ | 66,648 |  |  | $ | 37,103 |
|  |  |  |  |  |  |  |  |  |  | Interest & |  |  |  |
|  |  |  |  | Interest |  |  | Loan |  |  | Service Fee |  |  | Interest |
December 31, 2022 |  | Due Date |  |  | Rate |  |  | Balance |  |  | Accrued |  |  | Paid |
Shareholder 1 |  |  | June, 2019 |  |  |  | 15.00 | % |  | $ | 20,051 |  |  | $ | 8,161 |  |  | $ | — |
Shareholder 1 |  |  | June, 2019 |  |  |  | 15.00 | % |  |  | 38,000 |  |  |  | 23,481 |  |  |  | — |
Other Convertibles |  |  | Various |  |  |  | 5.00 | % |  |  | — |  |  |  | 66,648 |  |  |  | — |
Total |  |  |  |  |  |  |  |  |  | $ | 58,051 |  |  | $ | 98,290 |  |  | $ | — |
Mr. Bradley Mitch Watkins, Director, provided certain sales, marketing and commercialization consulting services to the Company prior to his appointment to the Board of Directors. For the years ended December 31, 2023 and 2022, the Company paid Mr. Watkins $11,083 and $3,523, respectively. No amounts were owed to Mr. Watkins as of December 31, 2023 and 2022. The Company’s former Chief Financial Officer is contracted for services through a third-party public accounting firm. He is the firm’s managing partner and majority shareholder. The firm is engaged by the Company to provide accounting and tax services on a continuous basis. Fees paid for services were $312,803 and $116,542 for the years ended December 31, 2023 and 2022, respectively. The Company owed RBSK for open invoices of $84,279 and $68,142 that are included in accounts payable as of December 31, 2023 and 2022, respectively. Neuraxis, Inc. Notes to Financial Statements

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-5 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-6 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(g)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(2)(e)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//850/tableOfContent Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-6 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 850 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483326/850-10-50-1 + Details
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