Related Party Transactions
|3 Months Ended|
Mar. 31, 2017
|Related Party Transactions [Abstract]|
|Related Party Transactions||
8. Related Party Transactions
During the three months ended March 31, 2017 and 2016, we paid $524,620 and $432,605 respectively, to Intrexon under the ECC agreements (See Note 7). Included in accounts payable and accrued expenses at March 31, 2017 and December 31, 2016 was $306,012 and $524,620, respectively, related to unpaid invoices received from Intrexon relating to work performed under the ECC Agreements. As of March 31, 2017 and 2016 Intrexon beneficially owned approximately 33.2% and 31.5% of our outstanding common stock.
On June 27, 2016, the Company completed the sale of its consumer probiotics business to ProBiora Health, LLC, (“ProBiora Health”) an entity owned by Ms. Christine L. Koski, a director at the time of the transaction. The purchase price was $1,700,000 in cash of which $1,250,000 was paid at closing and $450,000 was payable on or before July 31, 2016. The note accrued interest at the rate of 1% per annum and was paid in full on July 29, 2016. In connection with the sale, ProBiora Health assumed certain liabilities. ProBiora Health is obligated to pay the Company contingent consideration annually over a 10 year period based on a percentage of sales of products using the Purchased Assets, with a maximum obligation to the Company of $2,000,000.
The activities related to the consumer probiotic business are reflected as part of “Discontinued Operations” for the periods presented.
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/presentationRef