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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

Due to Related Party

 

The Company and other related entities have had a commonality of ownership and/or management control, and as a result, the reported operating results and /or financial position of the Company could significantly differ from what would have been obtained if such entities were autonomous.

 

In 2016, the Company entered into a Master Services Agreement (“MSA”) with Autotelic Inc., a related party that is partly-owned by one of the Company’s former Board members, namely Vuong Trieu, Ph.D. Autotelic Inc. currently owns less than 5% of the Company. The MSA stated that Autotelic Inc. would provide business functions and services to the Company and allowed Autotelic Inc. to charge the Company for these expenses paid on its behalf. The Company terminated the MSA effective October 31, 2018. Dr. Trieu resigned as a director of our company effective October 1, 2018.

 

In accordance with the MSA, Autotelic Inc. billed the Company for personnel and service expenses incurred on behalf of the Company. An unpaid balance of approximately $4,000 is included in due to related party in the accompanying balance sheets as of December 31, 2020 and 2019.

 

Transactions with BioMauris, LLC/Erik Emerson

 

Eric Emerson was the former Chief Commercial Officer and former member of the Company’s Board of Directors.

 

Until February of 2019, the Company had engaged the services of BioMauris, LLC, of which Erik Emerson was Executive Chairman.

 

During the year ended December 31, 2019 the Company recorded approximately $32,000 for related party expenses incurred under the agreement. No related party liability was recorded as of December 31, 2019 for related party expenses with BioMauris, LLC.

 

In July 2019, Mr. Emerson, became the owner of an equity interest of approximately 22% in Pharma Hub Network, the Company’s third-party network manager. During the third quarter of 2019, the Company terminated the relationship with Pharma Hub Network. For the year ended December 30, 2019, the Company recorded approximately $62,000 of related party expense for services provided by Pharma Hub Network.