Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

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Related Party Transactions
6 Months Ended
Dec. 31, 2019
Valent Technologies LLC Agreements [Abstract]  
Related party transactions

3 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 December 31, 2019 and 2018 respectively, the Company recorded $2,089 related to the dividend payable to Valent on the Series A Preferred Stock and for the six months ended December 31, 2019 and 2018 respectively, the Company recorded $4,178 related to the dividend (note 5). The dividends have been recorded as a direct increase in accumulated deficit.