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Note 9 - Related Party Transactions
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
NOTE 
9
– RELATED PARTY TRANSACTIONS
 
The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company
may
be a party prior to their implementation, to assess whether such transactions meet applicable legal requirements.
 
One of the Company’s directors, Richard L. Gabriel, is the Chief Operating Officer and serves as a director of GLG Pharma (“GLG”). Another Company director, Tim Krochuk, is on the supervisory board for GLG. The Company and GLG have a partnership agreement with Helomics for the purpose of bringing together their proprietary technologies to build out personalized medicine platform for the diagnosis and treatment of women’s cancer. There has been
no
revenue or expenses generated by this partnership to date.
 
On
May 1, 2019,
Mr. Gabriel executed a
one
-year contract with renewable
three
-month periods to continue as Chief Operating Officer for TumorGenesis. Mr. Gabriel will receive
$13,500
in monthly cash payments.
 
On
May 21, 2019,
the Company issued a
third
and restated common stock purchase warrant to Dr. Schwartz the Company’s CEO for value received in connection with the funding of all or a portion of the purchase price of his
second
amended and restated promissory note in the principal amount of
$1,620,000.
The Company issued an additional
34,518
warrants to Dr. Schwartz under the agreement in the
second
quarter, which reduced the value of the derivative liability by
$32,215.
As of
June 30, 2019,
the recorded derivative liability related to the agreement is
$36,507.
On
May 9, 2019,
Dr. Schwartz advanced
$75,000
to the Company, on
May 30, 2019,
he advanced
$200,000
to the Company, and on
July 15, 2019
he advanced
$25,000
to the Company. The loan earns
8%
interest and is due on
September 13, 2019,
pursuant to the Amended and Restated Promissory Note. The loan is
not
connected to the previous note payable due to Dr. Schwartz and does
not
affect the warrant calculations regarding that notes interest.