|6 Months Ended|
Jun. 30, 2021
|Subsequent Events [Abstract]|
Note 5 – Subsequent Events
On July 15, 2021, our compensation committee recommended to our Board and our Board approved the following policy for compensating non-employee members of the Board. Each independent director shall receive annual cash compensation of $40,000. In addition, the chairperson of the Audit Committee, Compensation Committee and Nominating and Governance Committee shall receive an annual compensation of $12,000, $7,700 and $5,500, respectively; the other members of such committees shall receive an annual compensation of $5,500, $4,000 and $3,500, respectively; and the lead independent director shall receive annual compensation of $12,000. In addition, the Board approved the issuance to each independent director of options to purchase 32,000 shares of the Company’s common stock vesting on the earlier of the one-year anniversary of the date of the grant or the date of the 2022 annual meeting. These options have a 10-year term and an exercise equal to the closing price of the common stock on the date of the grant of $1.80.
On July 24, 2021, the Company received Fast Track Designation from the FDA for Berubicin. Fast Track Designation is designed to facilitate the development and expedite the review of drugs to treat serious conditions and fill an unmet medical need.
In July 2021, the Company issued 75,000 shares of common stock for investor relations services for a four-month period ending September 2021. The fair value of the shares on the commitment date was $140,250.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef