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7. RELATED PARTY TRANSACTIONS
9 Months Ended
May 31, 2017
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

As of May 31, 2017, included in bonus expenses to officers was $45,750, of which $27,000 was an accrued bonus representing an estimated amount of bonus payable to our Chief Executive Officer, Walter Woltosz as part of his current employment agreement, and $18,750 accrued bonus representing as estimated amount of bonus payable to our President, Thaddeus Grasela as part of his current employment agreement.

 

May 1, 2017, Dr. Daniel Weiner was appointed as a member of the Board of Directors of the Company. Dr. Weiner also served on the Board of Directors of DILIsym. Immediately prior to the closing of the acquisition discussed in Subsequent Event Note 11, Dr. Weiner owned 5,000 shares of DILIsym’s common stock (less than one percent of DILIsym’s outstanding shares). At the closing of the Acquisition, Dr. Weiner received approximately $29,000 in cash consideration of the sale of his shares of DILIsym to the Company and may receive up to an additional $35,000 upon any payment of the holdback consideration and/or Earn-out Payments.