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Subsequent Events
12 Months Ended
Dec. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

10. Subsequent Events

 

On January 2, 2019, February 27, 2019, March 6, 2019 and March 14, 2019, the Company issued to five investors, none of whom were affiliates of the Company, 10% convertible notes (“2019 Convertible Notes”), due on April 30, 2019 with a face amount of $110,000. These 2019 Convertible Notes have terms (other than expiration date) similar to those of the 2018 Convertible Notes described in Note 4 above. In addition, 110,000 common stock purchase warrants were issued in connection with the issuance of such notes. Among other provisions, the warrants are exercisable at $1.50 share until December 30, 2023.

 

The due date of the $100,000 annual amount payable to the University of Illinois that was originally due on December 31, 2018 pursuant to the 2014 License Agreement, was extended until February 28, 2019, on which date the Company remitted the amount due.

 

Arnold S. Lippa, the Company’s Interim Chief Executive Officer, Interim President and Chief Scientific Officer has extended credit to the Company on April 15, 2019 for operating expenses by making a payment of $25,000 to the Company’s auditors which amount has been accounted for by the Company as an advance by Dr. Lippa payable on demand. The balance of the amount payable to the auditors has been paid directly by the Company.