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Related Party Transaction
6 Months Ended
Jun. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transaction

Note 7. Related Party Transaction

 

In February 2019, Altamont Pharmaceutical Holdings, LLC ("Altamont"), a company which owns 5% or more of the Company's shares of common stock, signed a service agreement with a third-party vendor to re-develop the Company's website. Upon completion of the project at the end of June 2019, the Company issued 78,338 shares of common stock of the Company, including 65,493 shares with a fair value of $46,500 to Altamont as reimbursement for the website development costs incurred by Altamont on behalf of the Company. In accordance with FASB Codification ASC 350-50 "Accounting for Web Site Development Cost", the Company has capitalized the website development costs of $46,500, which are included in other assets in the accompanying consolidated balance sheet as of June 30, 2019, and will amortize the cost over the estimated useful life of the website beginning in the quarter ending September 30, 2019. The balance of 12,845 shares with a fair value of $9,120 was issued to Altamont as consideration for its contractual investor relation and web hosting services, $2,010 of which was expensed during the six months ended June 30, 2019.