Related Party Transactions

6 Months Ended

Jun. 30, 2015

Notes to Financial Statements

Note 7. Related Party Transactions

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service.

For the three months ended June 30, 2015, directors’ and consulting fees payable to officers and directors of the Company were $3,000 (2014: $3,000). Legal fees paid or payable to one of the Company’s directors in the three months ended June 30, 2015 were $28,125 (2014: $27,820). For the six months ended June 30, 2015, directors’ and consulting fees paid or payable to officers and directors of the Company were $6,000 (2014: $6,000). Legal fees paid or payable to one of the Company’s directors in the six months ended June 30, 2015 were $67,105 (2014: $82,185). Amounts included in accounts payable and accrued expenses, and due to related parties, were $23,800 at June 30, 2015 and $36,080 as of December 31, 2014.