Quarterly report pursuant to Section 13 or 15(d)

Related Parties

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Related Parties
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Abstract]  
Related Parties
Note 8 – Related Parties
 
For the three and nine months ended September 30, 2016, the Company recorded a charge to operations of $205,957 and $604,777, respectively, related to its research and license agreement with Yeda. For the three and nine months ended September 30, 2015, the Company recorded a charge to operations of $200,000 and $600,000, respectively, related to its research and license agreement with Yeda.  As of September 30, 2016 and December 31, 2015, approximately $200,000 and $208,000 has been accrued and is payable to Yeda, respectively.
 
On March 29, 2016, the Company exercised its option pursuant to an October 3, 2011 exclusive option agreement with Yeda, as amended, such that the Company attempted to negotiate an agreement with Yeda whereby the Company would exclusively license certain organ regeneration technology from Yeda. On September 22, 2016, the Company notified Yeda of its decision to not exclusively license certain organ regeneration technology from Yeda.
 
During the nine months ended September 30, 2016, the Company repaid a note payable in the principal amount of $50,000 to the Company’s CEO.
 
On July 20, 2016, the Company extended the maturity date of a non-convertible note payable to a director of the Company in the principal amount of $100,000 to January 24, 2017. In connection with the extension, the Company issued the purchaser an immediately-vested, three-year warrant to purchase 60,000 shares of common stock at an exercise price of $0.75 per share. In addition, in connection with the terms of the original note, because the principal amount of the note was not repaid by July 20, 2016, the Company shall pay a cash penalty of $5,000 to the holder. In connection with the Company’s sequencing policy, the warrant was determined to be a derivative liability. The $18,000 issuance date fair value was recorded as a debt discount and will be amortized over the extended term of the note.
 
As of September 30, 2016 and December 31, 2015, there were outstanding notes payable to the Company’s CEO in the aggregate principal amount of $50,000 and $100,000, respectively. As of September 30, 2016 and December 31, 2015, there was an outstanding note payable to a director of the Company in the principal amount of $100,000.