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RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2025
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

NOTE 11 - RELATED PARTY TRANSACTIONS

Employment Agreements and Due to Officers/Founders:

Due to the limited funding of Quoin Inc. prior to the consummation of the Merger, the compensation, including salary, office and car allowances and other benefits, due to Dr. Myers and Ms. Carter under their respective employment agreements, as well as reimbursement of expenses and other amounts paid by Dr. Myers and Ms. Carter to third parties on behalf of Quoin Inc., were not paid by Quoin Inc. to Dr. Myers and Ms. Carter, and were accrued as indebtedness to Dr. Myers and Ms. Carter. Following the closing of the Merger, Quoin Inc. began making payments of $25,000 per month to each of Dr. Myers and Ms. Carter to repay the above-described non-interest-bearing indebtedness. The Company repaid $75,000 and $75,000 of such indebtedness to Dr. Myers and $75,000 and $75,000 to Ms. Carter in the three months ended June 30, 2025 and 2024, respectively. The Company repaid $150,000 and $150,000 of such indebtedness to Dr. Myers and $150,000 and $150,000 to Ms. Carter in the six months ended June 30, 2025 and 2024, respectively.

As of June 30, 2025, approximately $1.5 million and $1.1 million of such indebtedness was outstanding to Dr. Myers and Ms. Carter, respectively.

Amounts due to officers at June 30, 2025 and December 31, 2024 consisted of the following:

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​

​

​

​

​

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June 30, 

    

December 31, 

​

​

2025

​

2024

Salaries and other compensation

​

$

2,623,733

 

$

2,923,733

Less: Short-term portion

​

 

(600,000)

 

​

(600,000)

Long-term portion

​

$

2,023,733

​

$

2,323,733

​

Interest Payable:

See Note 4 for interest payable on the 2020 Notes.