Related Party Transactions
|12 Months Ended|
Dec. 31, 2020
|Related Party Transactions [Abstract]|
|Related Party Transactions||
NOTE 8 – Related Party Transactions
Other than as set forth below, and as disclosed in Notes 5 and 6, there have not been any transaction entered into or been a participant in which a related person had or will have a direct or indirect material interest.
Mr. Joyce receives an annual base salary of $455,000, plus bonus compensation not to exceed 50% of salary. Mr. Joyce’s employment also provides for medical insurance, disability benefits and one year of severance pay if his employment is terminated without cause or due to a change in control. Additionally, the Company has agreed to maintain a beneficial ownership target of 9% for Mr. Joyce. Mr. Joyce’s compensation was approved by the Reign Resources Corporation Board of Directors on October 6, 2020 and was among conditions of the Share Exchange Agreement that was completed with Sigyn Therapeutics on October 19, 2020. The Company incurred compensation expense of $418,842 and $0 and employee benefits of $22,516 and $0 for the year ended December 31, 2020 and from date of formation (October 29, 2019) through December 31, 2019, respectively.
Sigyn had no employment agreement with its COO but Sigyn still incurred compensation on behalf of the COO. The Company incurred compensation expense of $233,981 and $0 and employee benefits of $22,024 and $0 for the year ended December 31, 2020 and from date of formation (October 29, 2019) through December 31, 2019, respectively.
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