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INVESTMENT IN SURFACE OPHTHALMICS, INC. - RELATED PARTY TRANSACTIONS | 3 Months Ended
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Mar. 31, 2022
Investment In Surface Ophthalmics Inc. - Related Party Transactions |
INVESTMENT IN SURFACE OPHTHALMICS, INC. - RELATED PARTY TRANSACTIONS | NOTE 5. INVESTMENT IN SURFACE OPHTHALMICS, INC. - RELATED PARTY TRANSACTIONS The Company entered into an asset purchase and license agreement with Surface in 2017 and amended it in April 2018 (the “Surface License Agreements”). Pursuant to the terms of the Surface License Agreements, the Company assigned and licensed to Surface certain intellectual property and related rights associated with Surface’s drug candidates (collectively, the “Surface Products”). Surface is required to make mid-single digit royalty payments to the Company on net sales of the Surface Products while any patent rights remain outstanding. As of March 31, 2022, the Company owned 3,500,000 shares of Surface common stock (representing approximately 20% of Surface’s issued and outstanding equity interests). A Company director, Richard L. Lindstrom, and the Company’s Chief Executive Officer, Mark L. Baum, are directors of Surface. Dr. Lindstrom is a principal of Flying L Partners, an affiliate of an investor who purchased Surface Series A Preferred Stock. The unaudited condensed results of operations information of Surface is summarized below: SUMMARY OF CONDENSED INCOME STATEMENT
|  | 2022 |  |  | 2021 |
|  | For the Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Revenues, net |  | $ | - |  |  | $ | - |
Loss from operations |  |  | (1,996,000 | ) |  |  | (2,831,000 | )
Net loss |  | $ | (1,996,000 | ) |  | $ | (2,831,000 | )
The unaudited condensed balance sheet information of Surface is summarized below: SUMMARY OF CONDENSED BALANCE SHEET
|  | At March 31, |  |  | At December 31, |
|  | 2022 |  |  | 2021 |
Current assets |  | $ | 19,920,000 |  |  | $ | 21,731,000 |
Non-current assets |  |  | 411,000 |  |  |  | 412,000 |
Total assets |  | $ | 20,331,000 |  |  | $ | 22,143,000 |
Total liabilities |  | $ | 1,937,000 |  |  | $ | 1,514,000 |
Total preferred stock and stockholders’ deficit |  |  | 18,394,000 |  |  |  | 20,629,000 |
Total liabilities and stockholders’ equity |  | $ | 20,331,000 |  |  | $ | 22,143,000 |

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