XML 27 R17.htm IDEA: XBRL DOCUMENT v3.23.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

9. RELATED PARTY TRANSACTIONS

 

Lana Management and Business Research International, LLC

 

Lana Management and Business Research International, LLC (“LMBRI”) has board members in common with the Company. The Company and LMBRI entered into an Expense Sharing Agreement, whereby the Company will reimburse LMBRI monthly for certain shared expenses including insurance, rent, salaries, telephone, and other miscellaneous expenses. The Company was billed $4,000 monthly for these expenses through December 31, 2021. On January 1, 2022, the Company moved into its own leased facility and no longer shared expenses with LMBRI Such amounts are included in general and administrative expenses on the accompanying consolidated statements of operations. The Company also issued Subordinated Notes and Warrants to LMBRI in October 2020 as described in Note 4.

 

The table below summarizes the amounts incurred, paid, and balances due to LMBRI as of and for year’s ended December 31, 2022 and 2021.

 

   2022   2021 
Expenses from LMBRI  $
       -
   $48,000 
Expense Sharing Agreement payments to LMBRI  $
-
   $171,102 
Amounts payable to LMBRI  $2,000   $2,000 
Interest Incurred and Payments on Subordinated Notes to LMBRI (Note 4)  $
-
   $3,303 

 

NanoHybrids, LLC

 

In December 2021, the Company entered into an agreement with NanoHybrids, LLC (“NanoHybrids”) to utilize the Company’s research and development staff and laboratory facility when available to perform work for NanoHybrids. Any hours worked by Company employees for NanoHybrids is billed to NanoHybrids at a bill rate of the respective employee’s fully burdened personnel cost plus 10%. NanoHybrids is wholly owned by the Company’s Chief Technology Officer. The table below summarizes the amounts earned and due from NanoHybrids for the years ended December 31, 2022 and 2021 and balances due as of December 31, 2022 and 2021:

 

   Year Ended
December 31,		 
   2022   2021 
Income from NanoHybrids included in Other Income  $163,256   $
         -
 
Cash receipts from NanoHybrids  $143,525   $
-
 

 

   As of December 31, 
   2022   2021 
Amounts receivable from NanoHybrids included in Prepaids and Other Current Assets  $19,731   $
         -
 

 

Toray Industries, Inc.

 

In June 2022, the Company sold five Symphony analyzers to the Company’s business partner, Toray, for $249,040, all of which was paid in June 2022. Future sales to Toray are not currently anticipated.