Related Party Transactions

3 Months Ended

Mar. 31, 2013

Related Party Transactions

Note 8.  Related Party Transactions

Investors in the January 2013 Notes offering included one member of Opexa’s Board of Directors who was issued a note with a principal amount of $100,000 (see Note 7).

The following table provides a summary of the changes in convertible debt – related parties, net of unamortized discount, during the quarter ended March 31, 2013:

Balance at December 31, 2012	$	58,105
January 2013 Notes, face value		100,000
Discount on beneficial conversion feature of January 2013 Notes at issuance		(21,820	)
Discount on fair value of Series J warrant liability at issuance		(30,149	)
Repayment of January 23, 2013 Notes		(100,000	)
Amortization of debt discount to interest expense through March 31, 2013		69,081
Balance at March 31, 2013	$	75,217

For the quarter ended March 31, 2013, cash compensation totaling $25,000 earned by Director David E. Jorden for his service as Opexa’s Acting Chief Financial Officer is reported in general and administrative expense in the consolidated statements of expenses.  Concurrent with the appointment of Karthik Radhakrishnan as Chief Financial Officer on March 29, 2013, Mr. Jorden resigned as the Company’s Acting Chief Financial Officer but will continue in his role as director on Opexa’s Board. As of March 31, 2013, cash compensation totaling $8,333 was due to Mr. Jorden and is included in accounts payable in the consolidated balance sheets.