5. Related Party Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2016 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions |
In addition to the transactions discussed in note 4 and note 12, the Company had the following related party transactions during the six months ended June 30, 2016 and 2015:
Alcimede billed the Company $0.3 million for consulting fees pursuant to a consulting agreement for each of the six months ended June 30, 2016 and 2015.
During the second quarter of 2016, the Company received a short-term advance from Jason Adams, the Companys Chief Financial Officer, in the amount of $50,000, all of which was repaid during the quarter.
On August 1, 2015, Medytox entered into a non-exclusive consulting agreement with Monarch Capital, LLC ("Monarch"). Michael Goldberg, at the time a director of Medytox and currently a director of the Company, is the Managing Director of Monarch. Under this agreement, Monarch provides business and financial advice. The term of the agreement is through August 31, 2016, and is subject to automatic renewal for an additional one year unless Medytox provides the consultant with 180 days prior written notice of its intent not to renew. Monarch billed the Company $0.1 million for consulting fees pursuant to this agreement for the six months ended June 30, 2016.
On June 30, 2015, the Company issued 200,000 shares of common stock to SS International Consulting Ltd., of which a former director of the Company is the sole manager, pursuant to a consulting contract.
The foregoing transactions were completed at arms length at values commensurate with those of independent third parties. |