|3 Months Ended|
Mar. 31, 2017
|Notes to Financial Statements|
The Company has a Contribution and Royalty Agreement with Dr. Haufe. The agreement provides for the Company to pay Dr. Haufe royalties equal to 1% of revenues earned from sales of any and all products derived from the use of the DenerveX technology. No royalties have been paid or are payable as of March 31, 2017.
The Company has a Co-Development Agreement with Dr. Andrews. The agreement provides for the Company to pay Dr. Andrews a royalty of 2% of revenues earned from applicable product sales over a period of 5 years. No royalties have been paid or are payable as of March 31, 2017.
Periodically the Company may charter general aviation aircraft from TAG Aviation LLC (“TAG”), a company owned by Mr. Jarrett Gorlin. No general aviation expenses were paid to TAG for the three months ended March 31, 2017 and 2016.
As described in Note 5, the Company pays TAG Aviation LLC, (“TAG”), a company owned by Mr. Gorlin, for month to month rental of office space at Dekalb-Peachtree Airport in Atlanta, Georgia plus cost of utilities. Rent payments under this arrangement were $1,800 per month through August 31, 2016. Effective September 1, 2016, rent payments under this arrangement increased to $2,147 per month.
Rent expense and utilities cost paid to TAG Aviation amounted to approximately $6,300 and $7,500 for the three months ended March 31, 2017 and 2016, respectively.
As described in Note 5, the Company paid $30,000 and $15,000, respectively, for the three months ended March 31, 2017 and 2016 to a founding stockholder for business advisory services.
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://www.xbrl.org/2003/role/presentationRef