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Related Party Transactions | 12 Months Ended
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Dec. 31, 2019
Related Party Transactions |
Related Party Transactions | Note 9 – Related Party Transactions Consulting Agreements A company in which a member of the Company’s Board of Directors is part owner is a party to a consulting agreement with the Company dated July 6, 2017 that provides for the payment of $9,567 per month, and $250 per hour for any additional work, for advisory services performed by such director. The Company incurred expenses of $213,521 and $162,929 for the years ended December 31, 2019 and 2018, respectively, related to the agreement which was included within general and administrative expenses on the statements of operations. Lease Agreements The Company paid $4,000 per month as of January 2018, respectively, to a company controlled by a member of its Board of Directors for office space in New York, NY for its Chief Executive Officer (“CEO”). The Company left the space on August 31, 2018. The Company’s rent expense for this space amounted to $0 and $32,000 for the years ended December 31, 2019 and 2018, respectively, related to the office space, which was included within general and administrative expenses on the statements of operations. The Company’s Vice President of Research and Development and Manufacturing (“VP of R&D”) owns a company that entered into a lease agreement with the Company on September 15, 2016 to lease 953 square feet of space located in Reno, Nevada with respect to its research and development activities. The initial monthly base rent was $3,895 per month over the term of the lease and the security deposit was $3,895. On September 15, 2018, the Company amended the lease agreement to extend it until September 14, 2020 and increase the monthly base rent and security deposit to $4,012. The Company made $82,500 of leasehold improvements related to this lease which are included on the balance sheet. The Company’s rent expense for this space amounted to $48,144 and $47,270 for the years ended December 31, 2019 and 2018, respectively. Research and Development Activities The VP of R&D is the sole owner and President of a company that performs contract engineering services for the Company. During the years ended December 31, 2019 and 2018, the Company recognized research and development expense of $851,746 and $863,355, respectively, related to services provided by such vendor. The Company had a liability of $89,052 and $100,667 to the vendor as of December 31, 2019 and 2018, respectively. The Company recognized $186,160 and $182,275 of compensation expense related to the VP of R&D’s salary during the years ended December 31, 2019 and 2018, respectively. License Agreement During 2015, the Company entered into a license agreement with Senju Pharmaceuticals Co., Ltd. (“Senju”) whereby the Company agreed to grant to Senju an exclusive, royalty-bearing license for its microdose product candidates for Asia to sublicense, develop, make, have made, manufacture, use, import, market, sell, and otherwise distribute the microdose product candidates. In consideration for the license, Senju agreed to pay to Eyenovia five percent (5%) royalties for the term of the license agreement. The agreement will continue in full force and effect, on a country-by-country basis, until the latest to occur of: (i) the tenth (10th) anniversary of the first commercial sale of a microdose product candidate in Asia; or (ii) the expiration of the licensed patents. As of the date of this filing, there had been no commercial sales of a microdose product candidate in Asia, so no royalties had been earned. Senju is owned by the family of a former member of the Company’s Board of Directors and, together, they beneficially own greater than 5% of the Company’s common stock.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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