NextPlat Corp Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 17 – RELATED PARTY TRANSACTIONS As of December 31, 2021, the accounts payable due to related party includes $30,000 due to Charles Fernandez and accounts payable due to Theresa Carlise of $5,308. Total related party payments due as of December 31, 2021 and December 31, 2020 are $35,308 and $102,060, respectively. Those related party payables are non-interest bearing and due on demand. The Company’s UK subsidiary, GTC had an over-advance line of credit with HSBC, for working capital needs, which was not renewed by the Company on December 31, 2021. The over-advance limit was £25,000 or $33,834 at an exchange rate of 1.353372, with interest at 5.50% over Bank of England’s base rate or current rate of 6.25% variable. The advance was guaranteed by David Phipps, the Company’s President and Chief Executive Officer of Global Operations. The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed. For the year ended December 31, 2021, the Company employs five individuals related to Mr. Phipps who earned gross wages totaling $188,384 and for the year ended December 31, 2020, three individuals were employed related to Mr. Phipps earning $85,722. NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

NOTE 17 – RELATED PARTY TRANSACTIONS

As of December 31, 2021, the accounts payable due to related party includes $30,000 due to Charles Fernandez and accounts payable due to Theresa Carlise of $5,308. Total related party payments due as of December 31, 2021 and December 31, 2020 are $35,308 and $102,060, respectively. Those related party payables are non-interest bearing and due on demand.

The Company’s UK subsidiary, GTC had an over-advance line of credit with HSBC, for working capital needs, which was not renewed by the Company on December 31, 2021. The over-advance limit was £25,000 or $33,834 at an exchange rate of 1.353372, with interest at 5.50% over Bank of England’s base rate or current rate of 6.25% variable. The advance was guaranteed by David Phipps, the Company’s President and Chief Executive Officer of Global Operations. The Company uses an American Express account for Orbital Satcom Corp and an American Express account for GTC, both in the name of David Phipps who personally guarantees the balance owed.

For the year ended December 31, 2021, the Company employs five individuals related to Mr. Phipps who earned gross wages totaling $188,384 and for the year ended December 31, 2020, three individuals were employed related to Mr. Phipps earning $85,722.

NEXTPLAT CORP AND SUBSIDIARIES

FKA: ORBSAT CORP

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)