Related Party Transactions (Tables)

6 Months Ended

Dec. 31, 2019

Related Party Transactions

Summary of related parties

	As of
	December 31,		June 30,
	2019		2019
Account Payable – Related Party
Pursuant to an Exclusive License Agreement we entered into with TheraCour, the Company was granted exclusive licenses in perpetuity for technologies developed by TheraCour for the virus types: HIV, HCV, Herpes, Asian (bird) flu, Influenza and rabies. In consideration for obtaining this exclusive license, we agreed: (1) that TheraCour can charge its costs (direct and indirect) plus no more than 30% of direct costs as a development fee and such development fees shall be due and payable in periodic installments as billed, (2) we will pay $2,000 or actual costs each month, whichever is higher for other general and administrative expenses incurred by TheraCour on our behalf, (3) to make royalty payments of 15% (calculated as a percentage of net sales of the licensed drugs) to TheraCour; (4) to pay an advance payment equal to twice the amount of the previous month’s invoice to be applied as a prepayment towards expenses. On October 2, 2018, the Company entered into an agreement with TheraCour for a waiver of the two months worth of prepaid balance advance of anticipated invoicing until the filing of an IND and the application of the current advance as a credit against current open invoices. Additionally, TheraCour agreed to defer $25,000 per month of development fees, beginning with July 2018 through December 31, 2019. On December 17, 2019, the Company entered into a Deferred Expense Exchange Agreement with TheraCour, whereby the Company and TheraCour agreed to the  exchange of 100,000 shares of Series A preferred stock with a fair value of $392,669 for $250,000 previously deferred development fees owed to TheraCour, and recognized a loss on the exchange of $142,669. Accounts payable due TheraCour on the reporting date was	$	737,370	$	823,783

	For the three months ended				For the six months ended
	December		December		December		December
	31,		31,		31,		31,
	2019		2018		2019		2018
Property and Equipment
During the reporting period, TheraCour acquired property and equipment on behalf of the Company from third party vendors and sold such property and equipment, at cost, to the Company	$	—	$	7,408	$	4,139	$	7,408

	For the three months ended				For the six months ended
	December		December		December		December
	31,		31,		31,		31,
	2019		2018		2019		2018
Research and Development Costs Paid to Related Party
Development fees and other costs charged by TheraCour pursuant to exclusive License Agreements between TheraCour and the Company for the development of the Company’s drug pipeline. No royalties are due TheraCour from the Company at December 31, 2019 and June 30, 2019	$	543,108	$	899,184	$	1,119,315	$	1,745,872

Schedule of mortgage note payable - related party

At December 31, 2019, mortgage note payable – related party consisted of:

Mortgage note payable	$	1,100,000
Less: unamortized loan origination fee		(37,663)
	$	1,062,337