NOTE 5 – RELATED PARTY TRANSACTIONS

The Company currently has a License Agreement with IGL Pharma, Inc., an entity in which the Company’s Executive Chairman serves as President. Effective November 17, 2021, the Company amended the license agreement with IGL Pharma, Inc which adjusted milestone payment amounts during the course of the agreement term. Additionally, the Company issued 12,500 shares of the Company to IGL Pharma, Inc (see Note 7). The associated expense of $140,000 was recorded in Professional Fees. Under the License Agreement, the Company incurred research and development related expenses of $105,382 during the year ended December 31 2022 which have been included in research and development expenses on the consolidated financial statements and reimbursed IGL for direct expenses totaling $39,499. As of December 31, 2022, amounts outstanding due IGL Pharma, Inc, for their services amounted to $13,900.

The Company currently maintains an executive office in Florida, which is leased by an investment firm in which the Company’s General Counsel serves as an officer but does not hold any equity or voting rights. The Company has no formal agreement for this space and pays no rent.

In 2021, the Company paid to EPH $34,136 arising from notes payable and accrued interest which was included in notes payable-related parties in prior periods in the consolidated balance sheet.

During the year ended December 31, 2020, the Company received $45,500 of proceeds from short-term notes payable with officers and directors of the Company bearing interest at 10%. As of December 31, 2022 and 2021, $7,500 of principal remains outstanding on certain of these short-term notes payable. During 2021, $23,000 of these short-term notes payable were converted into 23 shares of the Company’s Series B preferred stock at a conversion ratio of $1,000 per share and warrants to purchase 65,714 shares of common stock at an exercise price of $14.00 per share, which resulted in no gain or loss on conversion (see Note 7).

During the years ended December 31, 2022 and 2021, the Company incurred $238,401 and $77,064, respectively, in legal fees with a law firm in which the Company’s former Director and audit committee chair (resigned from the Board in February 2021) is a partner. As of December 31, 2022 and 2021, accounts payable and accrued expenses include $219,459 and $195,000 for legal fees due to the law firm for services, respectively.