Investment in Hoth Therapeutics, Inc.

9 Months Ended

Sep. 30, 2020

Investment in Hoth Therapeutics, Inc. [Abstract]

Investment in Hoth Therapeutics, Inc.

Note 5. Investment in Hoth Therapeutics, Inc.

The following summarizes the Company investment in Hoth as of September 30, 2020:

Security Name	Shares Owned as of September 30, 2020		Fair value per Share as of September 30, 2020		Fair value as of September 30, 2020 (in thousands)
HOTH		1,166,415	$	1.97	$	2,298

On May 6, 2020, the Company entered into that certain Stock Transfer Agreement, by and between the Company and a purchaser, and sold 400,000 shares of Hoth common stock for net proceeds of approximately $0.5 million.

On February 23, 2020, the Board of Directors approved a distribution to the Company's stockholders of up to 70,000 Hoth Shares held by the Company. Accordingly, each of the Company's stockholders received one (1) share of Hoth common stock for every five hundred (500) shares of Company common stock held as of 5 p.m. Eastern Time on April 30, 2020, the dividend record date. The Company did not distribute fractional shares of Hoth common stock, and any fractional shares were rounded down to the nearest whole share. The final distribution amount of Hoth Shares is 69,815.