Related Party Transactions
|3 Months Ended|
Sep. 30, 2019
|Valent Technologies LLC Agreements [Abstract]|
|Related party transactions||
The Series A Preferred Stock is held by Valent Technologies, LLC ("Valent"), an entity owned by Dr. Dennis Brown, the Company's Chief Scientific Officer. Therefore, Valent is a related party to the Company. For the three months ended September 30, 2019 and 2018 respectively, the Company recorded $2,089 related to the dividend payable to Valent on the Series A Preferred Stock (note 5). The dividends have been recorded as a direct increase in accumulated deficit.
The related party payable balances as of September 30, 2019 and June 30, 2019 consist of compensation costs, directors' fees, and amounts owing for expense reimbursement to the Company's officers and directors.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef