XML 23 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA, LLC
9 Months Ended
Dec. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA, LLC

NOTE 7. RELATED PARTY SECURED PROMISSORY NOTE WITH MIKAH PHARMA, LLC

 

For consideration of the assets acquired on May 15, 2017, the Company issued a Secured Promissory Note (the “Mikah Note”) to Mikah Pharma, LLC (“Mikah”) for the principal sum of $1,200,000. Mikah was founded in 2009 by Nasrat Hakim (“Hakim”), a related party and the Company’s President, Chief Executive Officer and Chairman of the Board. The Mikah Note matured on December 31, 2020 and was retired at par in March 2021. The principal amount of $1,200,000 was repaid by the Company at maturity.

 

Interest expense associated with the Note was $30,000 for the three months ended and $90,000 for the nine months ended December 31, 2020. A total of $435,000 in accrued interest expense, representing interest expense accrued during the life of the Mikah Note, was due and owing as of the maturity date of the Mikah Note. Of the $435,000 accrued interest due at maturity, $435,000 of accrued interest was satisfied by offset against amounts due from Mikah pursuant to the development agreement between the Company and Mikah, dated December 3, 2018 (see Note 16).