Quarterly report pursuant to Section 13 or 15(d)

3. Accrued Expenses and Accounts Payable - Related Parties

v3.19.2
3. Accrued Expenses and Accounts Payable - Related Parties
6 Months Ended
Jun. 30, 2019
Payables and Accruals [Abstract]  
Accrued Expenses and Accounts Payable - Related Parties

  3. Accrued Expenses and Accounts Payable

 

Accrued Expenses

 

As of June 30, 2019 and December 31, 2018, the Company owed $267,000 and $327,000, respectively, pursuant to a separation agreement with a former executive officer effective April 1, 2017 as amended by letter agreements dated effective August 16, 2018 and March 31, 2019 which included as part of Accrued expenses and accounts payable on the accompanying balance sheet. The amount is to be repaid at an amount of $10,000 per month.

 

Accrued Expenses and Accounts Payable – Related Parties

 

Accrued expense – related parties consists of accrued current salaries of officers and fees due to members of the Board of Directors. As of June 30, 2019, and December 31, 2018, accrued expenses and accounts payable to related parties amounted to $0 and $55,000, respectively.