Quarterly report pursuant to Section 13 or 15(d)

RELATED PARTY TRANSACTIONS

v3.21.1
RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS    In August 2019, we entered into a consulting agreement with a member of our board of directors. Under the agreement, the board member would provide technical advisory services for cash payments totaling $50,000 paid in twelve equal monthly installments as well as an award of restricted stock units equal in value to $100,000 as of the grant date. In the event the board member continues to perform services in subsequent years, the Company will issue new grants equal to no less than $100,000 worth of restricted stock units in January of each additional year with such grants vesting at the end of each year so long as the services are still being provided. The agreement is cancelable at any time by either the Company or the board member. Services have continued to be provided since inception of the agreement. During the three months ended March 31, 2021, we recorded expenses of $36,500, in connection with the consulting agreement, of which $12,500 is included in general and administrative expenses and $24,000 is included in research and development expenses. During the three months ended March 31, 2020, we recorded expenses of $36,500, in connection with the consulting agreement, of which $12,500 is included in general and administrative expenses and $24,000 is included in research and development expenses. As of March 31, 2021, there was $4,000 due to the board member under this consulting agreement.