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Note 9 - Related Party Transactions
9 Months Ended
Sep. 30, 2019
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
NOTE
9
– RELATED PARTY TRANSACTIONS
 
The Audit Committee has the responsibility to review and approve all transactions to which a related party and the Company
may
be a party prior to their implementation, to assess whether such transactions meet applicable legal requirements.
 
One of the Company’s directors, Richard L. Gabriel, is the Chief Operating Officer and serves as a director of GLG Pharma (“GLG”). Another Company director, Tim Krochuk, is on the supervisory board for GLG. The Company and GLG have a partnership agreement with Helomics for the purpose of bringing together their proprietary technologies to build out personalized medicine platform for the diagnosis and treatment of women’s cancer. There has been
no
revenue or expenses generated by this partnership to date.
 
On
May 1, 2019,
Mr. Gabriel executed a
one
-year contract with renewable
three
-month periods to continue as Chief Operating Officer for TumorGenesis. Mr. Gabriel will receive
$13,500
in monthly cash payments.
 
On
May 21, 2019,
the Company issued a
third
and restated common stock purchase warrant to Dr. Carl Schwartz, the Company’s CEO, for value received in connection with the funding of all or a portion of the purchase price of his
second
amended and restated promissory note in the principal amount of
$1,620,000.
The Company has accounted for the liability to issue more warrants as a derivative liability as the exact number of warrants that will be issued was uncertain at the time of the agreement. The Company issued an additional
3,451
warrants to Dr. Schwartz under the agreement in the
third
quarter, which reduced the value of the derivative liability by
$14,863.
As of
September 30, 2019,
the recorded derivative liability related to the agreement was
$22,644.
 
During
2019,
Dr. Schwartz advanced
$300,000
to the Company. The loan earns
8%
interest per annum. The due date of the loan was amended and the loan is now due
December 31, 2019.
No
additional consideration was given for this extension. The loan is
not
connected to the previous note payable due to Dr. Schwartz.