Related Party Transactions

12 Months Ended

Sep. 30, 2019

Related Party Transactions

Related Party Transactions

Note 13 – Related Party Transactions

During the years ended September 30, 2019 and 2018, building lease payments of $1,160,000 and $1,140,000, respectively were paid to Charles River Realty which is owned by The Gerald Entine 1988 Family Trust (the “Entine Trust”). The late Dr. Entine was a former director and employee of the Company, as well as a greater than 5% beneficial owner of the Company’s stock until his death in May of 2018. The Entine Trust retains a greater than 5% beneficial ownership in the Company’s stock.

In October 2013, the Company’s subsidiary, Dynasil Biomedical, formed Xcede Technologies, Inc., a joint venture with Mayo Clinic, to spin out and separately fund the development of its tissue sealant technology. As of September 30, 2019, officers and directors of the Company collectively own the equivalent of 13.4% of Xcede’s outstanding common stock.