RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2022 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 11 - RELATED PARTY TRANSACTIONS
As of June 30, 2022, total related party payments due as of June 30, 2022, and December 31, 2021, are $and $35,308, respectively. These related party payables were non-interest bearing.
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 GBP:USD 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.
The Company employs three individuals who are related to Mr. Phipps. These three individuals earned gross wages totaling $71,899 and $76,416 for the six months ended June 30, 2022 and 2021, respectively.
The Company retained the services of the spouse of Mr. Fernandez for consulting fees of $8,960 for the six months ended June 30, 2022.
NEXTPLAT CORP AND SUBSIDIARIES FKA: ORBSAT CORP NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|