RELATED PARTY TRANSACTIONS |
12 Months Ended | |
|---|---|---|
Dec. 31, 2015 | ||
| Related Party Transactions [Abstract] | ||
| Related Party Transactions Disclosure [Text Block] |
NOTE 12 – RELATED PARTY TRANSACTIONS
Dr. Seth Lederman, the Company’s Chief Executive Officer and Chairman of the Board is one of the primary founders of the Company. We previously entered into an agreement with a company under his control, Lederman & Co. Total expenses paid under this agreement were $38,000 and $0.3 million during the years ended December 31, 2014 and 2013, respectively. On July 31 and August 1, 2013, the Company sold three promissory notes in the aggregate principal face amount of $0.3 million to two related parties in exchange for $0.3 million. The notes were payable on demand at any time after one year from issuance and bore no interest. On July 31, 2014 and August 1, 2014, the Company repaid $0.2 million and $0.1 million, respectively. Intellectual property acquired On March 18, 2014, Tonix Barbados entered into an agreement with Leder Laboratories, Inc. (“Leder”), to acquire intellectual property related to novel smallpox vaccines. As consideration, $0.1 million was paid in cash and 25,000 shares of the Company’s common stock valued at $0.3 million were issued to Leder. On March 18, 2014, Tonix Barbados entered into an agreement with Starling Pharmaceuticals, Inc. (“Starling”), to acquire intellectual property related to radio- and chemo-protective agents. As consideration, $0.1 million was paid in cash and 25,000 shares of the Company’s common stock valued at $0.3 million were issued to Starling. Seth Lederman, the Company’s Chairman and Chief Executive Officer, is the Chairman, CEO and majority owner (through majority-owned entities) of Starling and Leder. |