RELATED PARTY TRANSACTIONS
|9 Months Ended|
Jun. 30, 2017
|Notes to Financial Statements|
|NOTE 7. RELATED PARTY TRANSACTIONS||
As of June 30, 2017 and September 30, 2016, the Company owed $27,637 to a company affiliated through common ownership for the expenses the related party paid on the Companys behalf and services performed by the related party.
Our Chairman of the Board, Leonard Mazur, is the cofounder and Vice Chairman of Akrimax Pharmaceuticals, LLC (Akrimax), a privately held pharmaceutical company specializing in producing cardiovascular and general pharmaceutical products (see Note 3).
Our Chairman of the Board, Leonard Mazur, and our Chief Executive Officer, Myron Holubiak, were co-founders and significant shareholders in LMB. In connection with the acquisition of LMB, our Chairman purchased an additional 333,333 shares of the Company.
The Company has outstanding debt due to Leonard Mazur and Myron Holubiak (see Note 4).
General and administrative expense for each of the nine months ended June 30, 2017 and 2016 includes $36,000 paid to a financial consultant who is a stockholder of the Company.
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