Related Party Transactions
|3 Months Ended|
Mar. 31, 2021
|Related Party Agreements|
|Related Party Transactions||
Note 4 — Related Party Transactions
On June 12, 2020, the Company, Fortress and InvaGen entered into a Facility Agreement (“Facility Agreement”) whereby beginning on October 1, 2020 the Company could have borrowed up to $2.0 million collectively from Fortress and InvaGen, subject to certain conditions set forth herein. Fortress’ commitment amount was $0.8 million, and InvaGen’s was $1.2 million, and a 7% per annum interest rate applied (payable on the last day of each fiscal quarter). The Facility Agreement expired on April 29, 2021 and went undrawn. As of March 31, 2021, there were no amounts drawn on the Facility Agreement.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef