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Note 6 - Related Party Transactions
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Related Party Transactions Disclosure [Text Block]
Note
6
- Related Party Transactions
 
Domecq Sebastian, LLC
 
Domecq-Sebastian LLC (“Domecq”) is an entity affiliated with David Nance, a former director and officer who is now deceased. During
December 2017,
we entered into a promissory note with Domecq for a total amount of
$200,000
that carried a
15%
interest rate and is due and payable on or before
March 31, 2018.
The note carried a
18%
default interest on amounts paid after the maturity date. This note was subsequently repaid in full in
April 2018.  
 
Introgen Research Institute
 
Introgen Research Institute (“IRI”) is a Texas-based technology company, currently affiliated with Rodney Varner, our CEO. In
April 2009,
prior to Mr. Varner becoming an officer and director of our Company in
August 2012,
we entered into an Assignment and Collaboration Agreement with IRI, providing us with the exclusive right to commercialize a portfolio of intellectual property. This agreement was amended in
2011
to include additional sublicensing of additional intellectual property made available to IRI from the University of Texas MD Anderson Cancer Center.
 
Rodney Varner
 
Rodney Varner is the Company’s Chief Executive Officer. On
March 28, 2018,
we entered into a promissory note with Rodney Varner, Trustee, for a total amount of
$45,000
that carried a
0%
interest rate and is due and payable on or the earlier of (i)
five
days after funding of the Company’s initial public offering, or (ii)
April 30, 2018,
the maturity date. If paid after the maturity date, the note carried a
10%
interest rate. This note was paid in full prior to the maturity date in
April 2018.
 
Viet Ly
 
Viet Ly manages several investment funds that have provided the Company with investment funds since
2013.
On
March 9, 2018,
we entered into a promissory note with Viet Ly for a total amount of
$25,000
that carried a
0%
interest rate and is due and payable on or before
June 9, 2018,
the maturity date. If paid after the maturity date, the note carried a
10%
interest rate. This note was paid in full prior to the maturity date in
April 2018.
 
The Company entered into a consulting agreement with Viet Ly on
April 19, 2018.
The Company agreed to pay Mr. Ly at an initial rate of
$175,000
per year, with compensation variable from time-to-time as determined by the Company, for strategic consulting services.