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SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

 

GMP Notes

 

In September 2021, the Company secured $1.5 million in debt financing to fund the clinical trial evaluating OT-101 against COVID-19 bearing 2% annual interest. As of September 30, 2021, GMP was invoiced by the clinical research organization for $0.5 million. GMP paid the clinical trial organization the first tranche of $0.5 million in October 2021.

 

In October 2021, the Company entered into an Unsecured Convertible Note Purchase Agreement with GMP, pursuant to which the Company issued a convertible promissory note in the aggregate principal amount of $0.5 million and which October 2021 Note is convertible into shares of the Company’s Common Stock. GMP paid the Company the $0.5 million in October 2021.