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Related Party Transactions

12 Months Ended

Dec. 31, 2018

12.	Related Party Transactions

During the years ended December 31, 2018, and 2017, MDB provided investment banking services to the Company. For those services, the Company paid MDB cash placement agent fees of $0 and $3,473,155 respectively. In 2017, the Company also issued to MDB underwriter warrants to purchase 833,312 shares of the Company’s common stock for a cash consideration of $1,000, exercisable for five years at $9.38 per share. As of December 31, 2017, MDB beneficially owned approximately 10.2% of the Company’s common stock, has served as the underwriter of the Company’s initial public offering as well as the placement agent in previous private placements of the Company’s common stock, and one employee of which is a director of the Company.

MDB assigned one-half of the warrants that it acquired in conjunction with the June 15, 2015 private placement (see Note 9) to eight employees of MDB, two of which are also current officers or directors of the Company, who received a total of 72,222 of such warrants as part of the normal distribution of warrants received by MDB to its employees.

Beginning in June 2015, the interim Chief Financial Officer of the Company, who is also the Chief Financial Officer of MDB, has been compensated at a rate of $6,000 per month, reflecting an aggregate annual charge to operations for the years ended December 31, 2018 and 2017 of $24,000 and $72,000, respectively, and no longer serves as the interim Chief Financial Officer as December 31, 2018.

Information with respect to payments under the Einstein License and the Service Agreement is described in Note 7.