RELATED PARTY TRANSACTIONS	9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 9 – RELATED PARTY TRANSACTIONS On January 14, 2021, the Company completed the acquisition of 51% of Medolife Rx, a company controlled by Arthur Mikaelian (see Note 8). Prior to the acquisition, Mr. Mikaelian was a consultant and shareholder in the Company. In connection with the acquisition of 51% of Medolife Rx, Mr. Mikaelian was appointed as a member of the Board of Directors of the Company, and also appointed to serve as the Company’s Chief Executive Officer, a role which Mr. Mikaelian assumed on January 14, 2021. As Medolife Rx had nominal assets, liabilities, and operations, proforma information is not presented. The Company has an agreement with Mr. Mikaelian in consideration of the Company’s exclusive use of patented technology developed by Mr. Mikaelian. Pursuant to the agreement, as amended, the Company shall pay a royalty of 25% of all the net income from the sale of licensed products, as defined with a minimum royalty of $35,000 per month payable in cash or common stock of the Company. During the nine months ended September 30, 2021 and 2020, the Company recognized royalty expenses of $315,000 and $180,000, respectively. During the nine months ended September 30, 2021, the Company recorded revenue of $198,800 from a company controlled by a family member of the Company’s CEO. At September 30, 2021, the related accounts receivable balance of $198,800 had been fully reserved, and the net amount due from the related party was zero. During the nine months ended September 30, 2021, the Company recorded administrative expenses of $628,742 to a company controlled by Mr. Mikaelian.

RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2021

NOTE 9 – RELATED PARTY TRANSACTIONS

On January 14, 2021, the Company completed the acquisition of 51% of Medolife Rx, a company controlled by Arthur Mikaelian (see Note 8). Prior to the acquisition, Mr. Mikaelian was a consultant and shareholder in the Company. In connection with the acquisition of 51% of Medolife Rx, Mr. Mikaelian was appointed as a member of the Board of Directors of the Company, and also appointed to serve as the Company’s Chief Executive Officer, a role which Mr. Mikaelian assumed on January 14, 2021. As Medolife Rx had nominal assets, liabilities, and operations, proforma information is not presented.

The Company has an agreement with Mr. Mikaelian in consideration of the Company’s exclusive use of patented technology developed by Mr. Mikaelian. Pursuant to the agreement, as amended, the Company shall pay a royalty of 25% of all the net income from the sale of licensed products, as defined with a minimum royalty of $35,000 per month payable in cash or common stock of the Company. During the nine months ended September 30, 2021 and 2020, the Company recognized royalty expenses of $315,000 and $180,000, respectively.

During the nine months ended September 30, 2021, the Company recorded revenue of $198,800 from a company controlled by a family member of the Company’s CEO. At September 30, 2021, the related accounts receivable balance of $198,800 had been fully reserved, and the net amount due from the related party was zero.

During the nine months ended September 30, 2021, the Company recorded administrative expenses of $628,742 to a company controlled by Mr. Mikaelian.

QUANTA INC 10-Q