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Related Party Transactions
6 Months Ended
Jun. 30, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

Note 8. Related Party Transactions

 

On June 3, 2019, the Company entered into a Charitable Gift Agreement with the University of Pittsburgh (the "University"), pursuant to which the Company committed to provide a charitable donation to the University in the aggregate amount of $250,000. The Company paid the Grant in four installments with the first payment made in July 2019. During the six months ended June 30, 2020, the Company made the third of four payments totaling $62,500 and made the final payment of $62,500 in July 2020. Dr. Gerlach, from whom the Company purchased the CellMistTM System and SkinGunTM technology, is a professor at the University.

 

During the three months ended June 30, 2020, Talia Jevan Properties, Inc. made a payment of $5,287 to Stephen Yan-Klassen, former CFO, for his salary on behalf of the Company. Talia Jevan Properties, Inc. is a related party of Harmel Rayat, Chairman of the Board. The total compensation Talia Jevan Properties, Inc. made to Stephen Yan-Klassen during the three and six months ended June 30, 2020 was $5,287 and $10,811, respectively.

 

On August 1, 2013, the Company entered into a consulting agreement, as amended on May 1, 2016, with Jatinder Bhogal, an individual owning in excess of 5% of our issued and outstanding shares of common stock, to provide consulting services to the Company through his wholly owned company, Vector Asset Management, Inc. (“VAM”). Pursuant to the consulting agreement Vector assisted the Company with identifying subject matter experts in the medical device and biotechnology industries and assisted the Company with its ongoing research, development and eventual commercialization of its Regeneration Technology. Pursuant to an amendment dated May 1, 2016, the VAM monthly consulting fee was increased from $5,000 to $6,800. On June 22, 2018, the Company and VAM entered into an Executive Consulting Agreement (“ECA”) pursuant to which Mr. Bhogal served as the Company’s Chief Operating Officer. The ECA supersedes the prior consulting agreement. Pursuant to the ECA, VAM will receive compensation of $120,000 per year. During each of the three months ended June 30, 2020 and 2019, the Company recognized expenses of $30,000 and $60,000 during each of the six months ended June 30, 2020 and 2019 for consulting services provided by VAM. Jatinder Bhogal resigned as the Company’s COO effective June 30, 2020.

 

Kalen Capital Corp (“KCC”) is wholly owned by Mr. Harmel Rayat, the Chairman of the Board. On April 1, 2020 KCC provided a short-term advance of $50,000 to the Company. The short-term advance was repaid by the Company to KCC subsequent to June 30, 2020.