Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.20.1
Related Party Transactions
9 Months Ended
Mar. 31, 2020
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 March 31, 2020 and 2019 respectively, the Company recorded $2,089 related to the dividend payable to Valent on the Series A Preferred Stock and for the nine months ended March 31, 2020 and 2019 respectively, the Company recorded $6,267 related to the dividend (note 5). The dividends have been recorded as a direct increase in accumulated deficit.