Note 7 - Related Party Transactions

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Related Party Transactions Disclosure [Text Block]

7. Related Party Transactions

On August 11, 2020 we entered into a letter agreement with Winspear Investments, LLC (“Winspear”), pursuant to which the Company retained Winspear to provide strategic advisory services for financial and business matters. Winspear is 100% owned by our Chief Financial Officer, Robert Winspear, and his wife. Pursuant to the letter agreement, the Company paid or accrued a total of 68,000 shares of common stock prior to the appointment of Mr. Winspear as a director and our Chief Financial Officer and Secretary, and paid Winspear an additional 80,000 shares of common stock as a result of the Company’s listing on Nasdaq.

During the year ended December 31, 2021, Cyfeon Solutions Inc. provided services related to the development and management of the Company’s software platform totaling $183,062. Cyfeon Solutions Inc. is owned by Brandon Smith, who was appointed as our Chief Technology Officer in December 2021. There was an outstanding payable due to Cyfeon Solutions Inc. of $15,000 at December 31, 2021, which was paid during the year ended December 31, 2022.

The Company entered into Conversion Rights Agreement dated effective as of October 14, 2021, with Mr. Kepler. The Conversion Agreement limits the rights of the holder(s) of our outstanding shares of Series A Preferred Stock to convert such shares into Common Stock (Note 4).