Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2022 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
8. Related Party Transactions
As discussed in note 5, the Company has leased its facilities from a company owned by its CEO.
During the nine months ended September 30, 2022, and 2021, the Company received cash of $0 and $33,128 from its affiliate companies, paid operating expenses of $28,771 and $0 on behalf of to its affiliate companies, and paid $0 and $339,576 to its affiliate companies, respectively.
During the nine months ended September 30, 2022, and 2021, the Company recorded management fees of $42,225 and $31,500, respectively, paid to its shareholder parent company.
At September 30, 2022 and December 31, 2021, advances from affiliated companies included in due to affiliated companies was $115,043. Approximately $93,000 of the balance is related to an equipment purchase, the remaining balance was related to startup costs for our franchise business.
During the nine months ended September 30, 2022, Twin Vee received a monthly fee of $5,850 to provide management services and facility utilization to Forza. This income for Twin Vee, and expense for Forza, has been eliminated in the condensed consolidated financial statements.
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