RELATED PARTY TRANSACTIONS |
9 Months Ended |
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Sep. 30, 2023 | |
| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
NOTE 4 – RELATED PARTY TRANSACTIONS
The Company has a License Agreement with IGL Pharma, Inc. (“IGL”), an entity in which the Company’s Executive Chairman serves as President, holds options to purchase less than a 1% non-controlling equity interest and receives a $500 per month fee. Effective November 17, 2021, the Company amended the License Agreement with IGL which adjusted milestone payment amounts during the course of the agreement term. Under the License Agreement, the Company incurred research and development related expenses of $0 and $9,355 during the three-month period ending September 30, 2023 and September 30, 2022, respectively. As of September 30, 2023 and December 31, 2022, amounts outstanding due IGL for their services amounted to $0 and $13,900, respectively.
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 September 30, 2023 and December 31, 2022, $7,500 of principal remains outstanding on certain of these short-term notes payable.
During 2022, the Company started accruing compensation for the Board of Directors. Each board member receives an annual retainer of $30,000. Additionally, directors receive annual fees of $20,000, $15,000 and $10,000 for serving as Chair of the Audit Committee, Compensation Committee, and Nominating & Governance Committee, respectively; and annual fees of $7,500, $5,000 and $3,500 for serving as members of the Audit Committee, Compensation Committee and Nominating & Governance Committee, respectively. As of September 30, 2023 and December 31, 2022, the Company accrued director fees of $185,438 and $101,991, respectively.
As of September 30, 2023, the Company raised $600,000 in a private placement of common stock from three accredited investors, $100,000 of which was invested by a family member of the Company’s Executive Chairman.
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