RELATED PARTY NOTES PAYABLE

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Note 3. RELATED PARTY NOTES PAYABLE

On November 10, 2016, the Company, via Imagion Biosystems, Inc., a subsidiary, entered into a Note Purchase Agreement with Interim Investors, pursuant to which Imagion would issue promissory notes for any amounts borrowed under the Agreement. The Interim Investors may invest up to a total of $500,000 under the Note Purchase Agreement. The Note accrue interest at the rate of 8% per annum, provided, however, in the event of a default, interest shall accrue at 10% per annum. As of March 31, 2017, the Company borrowed a total of $340,000. Interest expense and accrued interest during the three months ended March 31, 2017 was $7,000.