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Note 7 - Related Party Transactions
 12 Months Ended
Dec. 31, 2021
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]

7.

Related party transactions

 

The related party transactions for the years presented were as follows:

 

Loan to a related party

 

In December 2018, the Company provided an interest-free loan amounting to $481 to Dr. Ramon Mohanlal, the Chief Medical Officer of the Company. $100 of the loan was repaid in February 2019 and the remaining amount was fully repaid in April 2019.

 

Loans from related parties

 

In March 2019, the Company borrowed interest-free loans totaling $350 from Lan Huang, the Chief Executive Officer, Gordon Schooley, the Chief Regulatory Officer, and Yue Jia, the International Finance Manager. These loans were fully repaid in August 2019.

 

In April 2019, the Company entered into an agreement with Shenzhen Sangel Zhichuang Investment Co., Ltd., to borrow $1,000, which bears an annual interest rate of 15% and is guaranteed by the Founder, Mr. Linqing Jia. The loan and related interest were fully repaid in August 2019.

 

In July 2019, the Company entered into an agreement with the noncontrolling shareholder of the Company, Dalian Wanchun Biotechnology Co., Ltd. (“Wanchun Biotech”), to borrow a one-year interest-free loan of $1,978 (RMB13,600). The loan was fully repaid in August 2019.

 

In October 2019, the Company borrowed a three-month interest-free loan of $2,537 from Wanchun Biotech. The loan was fully repaid in December 2019.

 

In October and December 2019, the Company borrowed 60-day interest-free loans totaling of $29 (RMB200) form Wanchun Biotech, and the maturity of the above loans was extended at their expiration. The loans were fully repaid in September 2020.

 

In February, April and June 2020, the Company borrowed 60-day interest-free loans in an aggregate amount of $35 (RMB230) from Wanchun Biotech. The loans were fully repaid in September 2020.