Related Party Transactions
|9 Months Ended|
Sep. 30, 2021
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 15. Related Party Transactions
In January 2020, a Company officer advanced $25 thousand to the Company. On August 12, 2020, to settle debt and accrued interest aggregating $26 thousand owed to the Company officer, the executive used this amount to exercise an existing vested Company stock option and was issued shares of common stock.
During the quarter ended June 30, 2020, a Company officer who was also a Board member, loaned the Company $55 thousand. On July 10, 2020, the loan matured and it was rolled over into a new $55 thousand loan. On August 12, 2020, principal and accrued interest owed to the executive were converted into the 2020 Convertible Notes at the same terms of other third-party investors.
During 2020, related parties including former StemoniX Board members, officers of the Company or their immediate family (“Related Parties”) purchased $thousand, or shares of Series B Preferred Stock and converted $351 thousand of the 2020 Convertible Notes into shares of Series B Preferred Stock. In all instances the terms of these transactions were the same as third-party investors.
During 2020, three Company executives deferred a portion of their compensation pursuant to the terms of their employment agreements. As of September 30, 2021 and 2020, the executives had deferred compensation of $0 thousand and $60 thousand respectively, of their compensation. The $60 thousand was paid in April 2021 pursuant to the terms of the employment agreements.
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