Annual report pursuant to Section 13 and 15(d)

Advance to Seller ??? Related Party

v3.21.1
Advance to Seller – Related Party
12 Months Ended
Dec. 31, 2020
Advance to Seller Related Party [Abstract]  
ADVANCE TO SELLER – RELATED PARTY

4 — ADVANCE TO SELLER – RELATED PARTY

 

In connection with entry into a December 7, 2020 equity purchase agreement with Purnovate, Inc., an early stage drug development company with a focus on purine chemistry and successor to Purnovate, LLC (henceforth "Purnovate"), the Company loaned Purnovate $350,000 to continue its research and development efforts during the due diligence period specified in the agreement, and issued a 3.5% promissory note due December 7, 2021. In the event the acquisition were terminated, the bridge note would become convertible, at the option of the Company, into equity of Purnovate at a conversion price of $1.50. The proceeds of the Bridge Note were to be used by Purnovate to fund ongoing research and development, working capital, and other general corporate purposes. See Notes 6 and 10.