Related party transactions

12 Months Ended

Dec. 31, 2020

Related party transactions

Related party transactions

16. Related party transactions

License agreements

The Company has entered into license agreements with shareholders of the Company (see Note 11, Licensing Arrangements). Expenses with these related parties during the years ended December 31, 2020 and 2019 were approximately $0.1 million and $0.2 million, respectively. There were no amounts owed to these related parties as of December 31, 2020 and 2019.

Convertible promissory notes

During the year ended December 31, 2019, the Company received $6.8 million upon issuing convertible promissory notes, of which $3.8 million was from several of its existing preferred stock investors. All of the convertible promissory notes were converted into shares of Series A Preferred (see Note 7, Convertible Promissory Notes).

Broadband services agreement

During November 2015, the Company entered into a Master Services Agreement (MSA) with BCM Advisory Partners LLC, Broadband Capital Partners LLC and Broadband Advisory (collectively, Broadband) pursuant to which Broadband will provide corporate finance, strategic planning, and management recruiting services to the Company. The Company is required to pay Broadband a cash fee of $20,000 per month, retroactive to May 1, 2016, for Broadband’s advisory services. The Company recorded $0.2 million and $0.2 million during the years ended December 31, 2020 and 2019, respectively, related to the Broadband MSA which is included in general and administrative expenses in the statements of operations.