Related Party Transactions

3 Months Ended

Dec. 31, 2017

7.	RELATED PARTY TRANSACTIONS

As of December 31, 2017 and September 30, 2017, the Company owed $17,637 and $27,637, respectively, to a company affiliated through common ownership for the expenses the related party paid on the Company’s behalf and services performed by the related party.

Our Chairman of the Board, Leonard Mazur, is the cofounder and Vice Chairman of Akrimax Pharmaceuticals, LLC (“Akrimax”), a privately held pharmaceutical company specializing in producing cardiovascular and general pharmaceutical products. The Company leases office space from Akrimax (see Note 8).

The Company has outstanding debt due to Leonard Mazur (Chairman of the Board) and Myron Holubiak (Chief Executive Officer) (see Note 4).

In connection with the 2017 Registered Direct/Private Placement Offering, Mr. Mazur purchased 213,106 shares of common stock at $4.6925 per share and received 106,553 warrants exercisable at $4.63 per share (See Note 6).

General and administrative expense for each of the three months ended December 31, 2017 and 2016 includes $12,000 paid to a financial consultant who is a stockholder of the Company.