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Related Party Transactions
 9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related Party Transactions

Note 6 — Related Party Transactions

 

As of September 30, 2021 and December 31, 2020, the outstanding amount due to Daniel Jones, the Company’s Chief Executive Officer, was $0 and $26,000 relating to a series of non-interest-bearing demand loans to us. The loans totaling $26,000 were repaid during the nine months ended September 30, 2021 with a portion of the net proceeds from the IPO.

 

Daniel Jones also made non-interest bearing demand loans to the Company in the amounts of $90,000 and $50,000 on July 30, 2021 and August 20, 2021, respectively. Both loans were repaid in full with proceeds from the IPO.

 

At September 30, 2021 and December 31, 2020, the Company had the following outstanding payables to its preferred shareholders for past services:

 

   September 30,
2021		   December 31,
2020		 
Floral Finance  $9,849   $9,849 
Genomic Diagnostic Technologies   16,675    16,675 
St. Laurent Institute   107,049    113,954 
St. Laurent Realty, Inc.   27,913    27,913 
Stonemill Center   16,627    16,627 
William St. Laurent   15,415    15,415 
Total related party payables  $193,528   $200,433 

 

William C. St. Laurent, a former member of the Company’s board of directors, relatives of Mr. St. Laurent and entities controlled by the St. Laurent family are controlling shareholders of the Company. These entities are all St. Laurent family-owned entities and are therefore related parties: Genomic Diagnostic Technologies assisted the Company by providing corporate accounting support and preparation of its audited financial statements of 2018 and 2017; St. Laurent Institute, a 501C-3 company, has a bioinformatics team that did work for the Company when it needed bioinformatics specialist support in providing certain sequencing services; St. Realty, Inc. assisted the Company by providing corporate accounting support and preparation of its audited financial statements of 2018 and 2017 before Genomic Diagnostic Technologies took over this role; Stonemill Center assisted the Company by paying for certain out of pocket expenses incurred by William C. St. Laurent in his former role as Chairman of the Board for the Company; and William C. St. Laurent as the former Chairman of the Board accrued Director’s compensation that has not been paid by the Company.

 

The Company issued the convertible notes and promissory notes to the related parties (see Note 7).