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Related Party Transactions (Tables)

3 Months Ended

Sep. 30, 2020

Related Party Transactions

Summary of related parties


		For the three months ended
		September 30,			September 30,
Property and Equipment		2020			2019
During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost to the Company		$	2,560		$	—


		As of
		September 30,			June 30,
		2020			2020
Account Payable – Related Party

Pursuant to an Exclusive License Agreement with TheraCour, the Company was granted exclusive licenses for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. On November 1, 2019, the Company entered into the VZV Licensing Agreement with TheraCour. In consideration for obtaining these exclusive licenses, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of certain direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour and; (4) to pay an advance payment equal to twice the amount of the previous months invoice to be applied as a prepayment towards expenses. On October 2, 2018, the Company agreed to enter into an agreement with TheraCour for a waiver of two months worth of prepaid balance in advance of anticipated invoicing, due under prior agreements until the filing of an IND and the application of the then current advance as a credit against current open invoices. Additionally, TheraCour agreed to defer $25,000 per month of development fees, beginning with July 2018 through December 31, 2019. Accounts payable due TheraCour at September 30, 2020 was $928,818 which was offset by a two month advance (see above) of $491,000.		$	437,818		$	561,580


		For the three months ended
		September 30,			September 30,
		2020			2019
Research and Development Costs Paid to Related Party

Development fees and other costs charged by and paid to TheraCour pursuant to license agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at September 30, 2020 and June 30, 2020.		$	648,324		$	576,207

Schedule of mortgage note payable - related party

At September 30, 2020, mortgage note payable – related party consisted of:


Mortgage note payable		$	1,100,000
Less: unamortized loan origination fee			(8,188)
Net mortgage note payable		$	1,091,812