Related Party Transactions
|3 Months Ended|
Mar. 31, 2023
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 14. Related Party Transactions
On February 1, 2023, the Company entered into a Management Services Agreement with Progressive Care Inc. (“Progressive Care”) to provide certain management and administrative services to Progressive Care for a $ per month fee. During the three months ended March 31, 2023, the Company received $ from Progressive Care as management fees and this amount is included in other income on the condensed consolidated statements of comprehensive loss.
On July 12, 2022, the Company hired Lauren Sturges Fernandez, the spouse of Mr. Fernandez, as Manager of Digital Assets. Mrs. Fernandez is an at-will employee with an annual salary of $. On September 22, 2022, Mrs. Fernandez’s title was changed to Chief of Staff and Special Assistant to the Chairman of the Board, with no change to her salary. Previously Mrs. Fernandez was a consultant and earned compensation for her services of $ for the year ended December 31, 2022. In April 2023, Mrs. Fernandez’s annual salary increased to $ , which was approved by the Board of Directors.
NEXTPLAT CORP AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef