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Related Parties | 9 Months Ended
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Sep. 30, 2021
Related Party Transactions [Abstract] |
RELATED PARTIES | NOTE 10 - RELATED PARTIES Due from Related Parties Due from related parties of $300,000 as of December 31, 2020 consisted of a receivable due from a research and development company that has shared officers and directors. Management now believes that the receivable is not collectible, and the receivable is fully reserved as of September 30, 2021. Accounts Payable - Related Parties Accounts payable - related parties was $4,447 as of September 30, 2021 and represents amounts due for consulting services provided by a director of the Company. Accounts payable - related parties was $215,495 as of December 31, 2020 and consists of $196,377 for professional services provided by the Company’s directors and $19,118 for accounting fees for services provided by a former director and his company. Accrued Expenses - Related Parties Accrued expenses - related parties was $130,548 as of September 30, 2021 and consists of $10,343 of interest accrued on loans and convertible notes due to certain officers and directors of the Company and $120,205 of accrued professional fees for services provided by certain directors of the Company. Accrued expenses - related parties of $454,951 as of December 31, 2020, consists of $124,833 of interest accrued on loans and convertible notes due to certain officers and directors of the Company and $330,118 of accrued professional fees for services provided by certain directors of the Company. Loans Payable - Related Parties Loans payable - related parties consists of $81,244 and $513,082 as of September 30, 2021 and December 31, 2020, respectively. See Note 6, Loans Payable for more information. Convertible Notes Payable - Related Parties Convertible notes payable - related parties of $0 as of September 30, 2021 and $270,000 as of December 31, 2020 represents the principal balance of convertible notes owed to certain officers and directors of the Company. See Note 7, Convertible Notes Payable for more information. Research and Development Expenses - Related Parties Research and Development Expenses – Related Parties of $298,879 and $112,652 during the three months ended September 30, 2021 and 2020, respectively, and $1,287,583 and $223,321 during the nine months ended September 30, 2021 and 2020, respectively, is related to consulting and professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof. General and Administrative Expenses - Related Parties General and Administrative Expenses – Related Parties during the three months ended September 30, 2021 and 2020, were $82,519 and $25,078, respectively. Of the expenses incurred through the three months ended September 30, 2021 approximately $38,600 represents bad debt expenses incurred in connection with a receivable from a related party and approximately $45,400 relates to professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof. Of the expenses incurred through the three months ended September 30, 2020 approximately 25,000 relates to professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof. General and Administrative Expenses – Related Parties during the nine months ended September 30, 2021 and 2020, were $462,081 and $85,052, respectively. Of the expenses incurred through the nine months ended September 30, 2021 approximately $338,000 represents bad debt expense incurred in connection with a receivable from related parties, and approximately $123,499 represents professional fees paid to current or former officers, directors or greater than 10% investors, or affiliates thereof. Of the expenses incurred through the nine months ended September 30, 2020, $85,052 represents services for professional and consulting fees earned by current or former officers, directors or greater than 10% investors of the Company, or affiliates thereof. Other Income - Related Parties During the nine months ended September 30, 2020, the Company recorded $240,000 of other income related to a one-year research and development agreement with a company who shares common officers and directors with the Company. There was no other income - related parties recorded during the three and nine months ended September 30, 2021 or the three months ended September 30, 2020. Interest Expense - Related Parties During the three months ended September 30, 2021 and 2020, the Company recorded $14,201 and $23,088, respectively, of interest expense - related parties, of which $3,633 and $11,915, respectively, related to interest on certain convertible notes held by officers and directors of the Company and $10,567 and $9,402, respectively, related to interest expense on loans from officers, directors and a greater than 10% investor of the Company. During the nine months ended September 30, 2021 and 2020, the Company recorded $42,279 and $64,758, respectively, of interest expense - related parties, of which $11,380 and $40,565, respectively related to interest on certain convertible notes held by officers and directors of the Company and $30,899 and $24,193, respectively related to interest expense on loans from officers, directors and a greater than 10% investor of the Company.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
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