Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Nov. 18, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'ContraVir Pharmaceuticals, Inc. | ' |
Entity Central Index Key | '0001583771 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Current Reporting Status | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 9,000,000 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
Current Assets: | ' | ' |
Cash | $76,004 | $86,716 |
Total Assets | 76,004 | 86,716 |
Current Liabilities: | ' | ' |
Accounts payable | 28,009 | 3,617 |
Accrued expenses | 36,000 | 40,000 |
Due to parent | 132,514 | 83,266 |
Demand note payable to parent and accrued interest | 202,038 | 100,328 |
Total Current Liabilities | 398,561 | 227,211 |
Stockholder's Deficiency: | ' | ' |
Preferred stock, par value $0.0001 per share. Authorized 20,000,000 shares, none issued and outstanding. | ' | ' |
Common stock, par value of $.0001 per share. Authorized 120,000,000 shares, issued and outstanding 9,000,000 shares. | 900 | 900 |
Additional paid-in capital | -900 | -900 |
Deficit accumulated during development stage | -322,557 | -140,495 |
Total Stockholder's Deficiency | -322,557 | -140,495 |
Total Liabilities and Stockholder's Deficiency | $76,004 | $86,716 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
CONDENSED BALANCE SHEETS | ' | ' |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 9,000,000 | 9,000,000 |
Common stock, shares outstanding | 9,000,000 | 9,000,000 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 5 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Costs and Expenses: | ' | ' |
Research and development | $13,638 | $31,379 |
General and administrative | 166,713 | 289,140 |
Loss from Operations | -180,351 | -320,519 |
Interest expense | -1,711 | -2,038 |
Net loss | ($182,062) | ($322,557) |
Weighted Average Common Shares Outstanding | ' | ' |
Basic and Diluted (in shares) | 9,000,000 | ' |
Net Loss per Common Share | ' | ' |
Basic and Diluted (in dollars per share) | ($0.02) | ' |
STATEMENTS_OF_CHANGES_IN_STOCK
STATEMENTS OF CHANGES IN STOCKHOLDER'S DEFICIENCY (EQUITY) (USD $) | Total | Common Stock | Additional Paid in Capital | Deficit Accumulated during the Development Stage |
Balance at May. 14, 2013 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' |
Issuance of Common Stock | ' | $900 | ($900) | ' |
Issuance of Common Stock (in shares) | ' | 9,000,000 | ' | ' |
Net loss for the period | -140,495 | ' | ' | -140,495 |
Balance at Jun. 30, 2013 | -140,495 | 900 | -900 | -140,495 |
Balance (in shares) at Jun. 30, 2013 | 9,000,000 | 9,000,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity | ' | ' | ' | ' |
Net loss for the period | -182,062 | ' | ' | -182,062 |
Balance at Sep. 30, 2013 | ($322,557) | $900 | ($900) | ($322,557) |
Balance (in shares) at Sep. 30, 2013 | 9,000,000 | 9,000,000 | ' | ' |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOW (USD $) | 3 Months Ended | 5 Months Ended |
Sep. 30, 2013 | Sep. 30, 2013 | |
Cash Flows From Operating Activities: | ' | ' |
Net loss | ($182,062) | ($322,557) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Interest expense on note payable to parent | 1,711 | 2,038 |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable, accrued expenses and due to parent | 69,639 | 196,523 |
Total Adjustments | 71,350 | 198,561 |
Net Cash used in Operating Activities | -110,712 | -123,996 |
Cash Flows From Financing Activities: | ' | ' |
Proceeds from demand note payable to parent | 100,000 | 200,000 |
Net Cash provided by Financing Activities | 100,000 | 200,000 |
Net increase in cash | -10,712 | 76,004 |
Cash at beginning of period | 86,716 | ' |
Cash at end of period | $76,004 | $76,004 |
Business_Overview
Business Overview | 3 Months Ended |
Sep. 30, 2013 | |
Business Overview | ' |
Business Overview | ' |
1. Business Overview | |
ContraVir Pharmaceuticals Inc. (“ContraVir” or the “Company”) is a biopharmaceutical company focused primarily on the clinical development of FV-100 to treat herpes zoster (HZ), or shingles, which is an infection caused by the reactivation of varicella zoster virus (VZV) or “chickenpox”. | |
Basis_of_Presentation_and_Goin
Basis of Presentation and Going Concern | 3 Months Ended |
Sep. 30, 2013 | |
Basis of Presentation and Going Concern | ' |
Basis of Presentation and Going Concern | ' |
2. Basis of Presentation and Going Concern | |
These unaudited financial statements have been prepared following the requirements of the Securities and Exchange Commission (“SEC”) and United States generally accepted accounting principles (“GAAP”) for interim reporting. In the opinion of management, the accompanying unaudited financial statements include all adjustments, which include only normal recurring adjustments, necessary to present fairly ContraVir’s interim financial information. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements as of and for the year ended June 30, 2013 contained in the Company’s initial Form 10 Registration Statement (“Form 10”) filed with the Securities Exchange Commission (“SEC”) on August 8, 2013, as amended September 20, 2013 and October 22, 2013. | |
ContraVir is a wholly owned subsidiary of Synergy Pharmaceuticals Inc. (“Synergy”). ContraVir was organized in Delaware on May 15, 2013 (inception) for the purpose of developing Synergy’s FV-100 assets, which Synergy had previously acquired under an Asset Purchase Agreement, dated August 17, 2012 (the “BMS Purchase Agreement”), with Bristol-Myers Squibb Company (“BMS”). | |
Pursuant to the BMS Purchase Agreement Synergy purchased from BMS certain assets defined as “Acquired Assets” and assumed from BMS certain liabilities defined as “Assumed Liabilities”, in each case relating to the business being conducted by BMS as of the date of the BMS Purchase Agreement, consisting of the research, development, product design and related activities of BMS relating solely to FV-100, the valyl ester pro-drug of Cf1743, a bicyclic nucleoside analogue (the “FV-100 Product”). | |
On June 10, 2013 ContraVir and Synergy entered into a Contribution Agreement, as amended and restated August 5, 2013 (the “Contribution Agreement”), to transfer to ContraVir the FV-100 Product, in exchange for the issuance to Synergy of 9,000,000 shares of ContraVir common stock, par value $0.0001 per share (the “Common Stock”), representing 100% of the outstanding shares of Common Stock as of immediately following such issuance. During the period from August 17, 2012 through June 10, 2013 Synergy made no expenditures related to the research and development of FV-100, thus, ContraVir determined that the acquired asset did not meet the definition of a business, as defined in ASC 805, “Business Combinations” and was accounted for under ASC 350, “Intangibles Goodwill and Other” as an acquisition of assets. The acquisition of this asset was accounted for at Synergy’s net book value which was zero. | |
Going Concern | |
As of September 30, 2013 ContraVir had $76,004 in cash. Net cash used in operating activities was $110,712 for the three months ended September 30, 2013 and $123,996 for the period May 15, 2013 (inception) to September 30, 2013. Net loss for the three months ended September 30, 2013 was $182,062 and $322,557 for the period May 15, 2013 (inception) to September 30, 2013. As of September 30, 2013 ContraVir had a negative working capital and a stockholder’s deficiency of $322,557. | |
These unaudited financial statements have been prepared under the assumption that the Company will continue as a going concern. ContraVir’s ability to continue as a going concern is dependent upon its ability to obtain additional equity or debt financing, attain further operating efficiencies and, ultimately, to generate revenue. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
ContraVir will be required to raise additional capital within the next year to continue the development and commercialization of its current product candidate and to continue to fund operations at the current cash expenditure levels. ContraVir cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that ContraVir raises additional funds by issuing equity securities, ContraVir’s stockholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact ContraVir’s ability to conduct business. If ContraVir is unable to raise additional capital when required or on acceptable terms, ContraVir may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of its product candidate; (ii) seek collaborators for product its candidate at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidate or products that ContraVir would otherwise seek to develop or commercialize ourselves on unfavorable terms. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Sep. 30, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
3. Recent Accounting Pronouncements | |
There are no recent accounting pronouncements affecting the Company. | |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended |
Sep. 30, 2013 | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | ' |
4. Fair Value of Financial Instruments | |
Financial instruments consist of cash, accounts payable and notes payable. These financial instruments are stated at their respective historical carrying amounts, which approximate fair value due to their short term nature. | |
Stockholders_Deficiency
Stockholder's Deficiency | 3 Months Ended |
Sep. 30, 2013 | |
Stockholder's Deficiency | ' |
Stockholder's Deficiency | ' |
5. Stockholder’s Deficiency | |
On June 10, 2013, ContraVir and Synergy entered into a Contribution Agreement, as amended and restated August 5, 2013, to transfer to ContraVir the FV-100 Product, in exchange for the issuance to Synergy of 9,000,000 shares of ContraVir common stock, par value $0.0001 per share (the “Common Stock”), representing 100% of the outstanding shares of Common Stock as of immediately following such issuance. | |
Accounting_for_SharedBased_Pay
Accounting for Shared-Based Payments | 3 Months Ended |
Sep. 30, 2013 | |
Accounting for Shared-Based Payments | ' |
Accounting for Shared-Based Payments | ' |
6. Accounting for Shared-Based Payments | |
On June 3, 2013, ContraVir adopted the 2013 Equity Incentive Plan (the “Plan”). Stock options granted under the Plan typically will vest after three years of continuous service from the grant date and will have a contractual term of ten years. ContraVir has reserved 1,500,000 shares of common stock issuable pursuant to the Plan and has not issued any stock options as of September 30, 2013. | |
Income_Taxes
Income Taxes | 3 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
7. Income Taxes | |
At September 30, 2013, ContraVir has net operating loss carry forwards (“NOLs”) aggregating approximately $322,000, which, if not used, expire in 2033. The utilization of these NOLs may become subject to limitations based on past and future changes in ownership of ContraVir pursuant to Internal Revenue Code Section 382. | |
ContraVir records a valuation allowance against deferred tax assets to the extent that it is more likely than not that some portion, or all of, the deferred tax assets will not be realized. Due to the substantial doubt related to ContraVir’s ability to continue as a going concern and utilize its deferred tax assets, a valuation allowance for the full amount of the deferred tax assets has been established at September 30, 2013. As a result of this valuation allowance there are no income tax benefits reflected in the accompanying consolidated statements of operations to offset pre-tax losses. | |
ContraVir has no uncertain tax positions subject to examination by the relevant tax authorities as of September 30, 2013 because no tax returns have yet been filed for the period May 15, 2013 (inception) to September 30, 2013. ContraVir will file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. | |
Loan_and_Demand_Note_Payable
Loan and Demand Note Payable | 3 Months Ended |
Sep. 30, 2013 | |
Loan and Demand Note Payable | ' |
Loan and Demand Note Payable | ' |
8. Loan and Demand Note Payable | |
On June 5, 2013 ContraVir entered into a Loan and Security Agreement with Synergy pursuant to which Synergy agreed to lend ContraVir up to five hundred thousand dollars ($500,000) for working capital purposes (the “Loan Agreement”). Pursuant to the Loan Agreement, as of September 30, 2013, Synergy made advances to ContraVir totaling $200,000 under a promissory note (the “Note”). The Note bears interest at six percent (6%) per annum and such interest shall be paid on the 15th of each of January, March, June and September, beginning September 15, 2013. The Note matures on the earlier of June 10, 2014 or the date that the entire principal amount and interest shall become due and payable by reason of an event of default under the Note or otherwise. In addition, Synergy has the right to demand payment of the unpaid principal amount and all accrued but unpaid interest thereon at any time after August 4, 2013, upon providing ContraVir fifteen (15) days prior written notice. In connection with the Loan Agreement ContraVir granted Synergy a security interest in all of its assets, including its intellectual property, until the Note is repaid in full. (See Note 11 Subsequent Events). |
Related_Parties
Related Parties | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Related Parties | ' | |||||||
Related Parties | ' | |||||||
9. Related Parties | ||||||||
On July 8, 2013, ContraVir entered into a Shared Services Agreement with Synergy, effective May 16, 2013. Under the Shared Services Agreement, Synergy will provide and/or make available to ContraVir various administrative, financial (including accounting, reporting, treasury, accounts payable processing, internal audit and payroll functions), legal, insurance, facility, information technology, laboratory, real estate and other services to be provided by, or on behalf of, Synergy, together with such other services as reasonably requested by ContraVir. | ||||||||
In consideration for such services, ContraVir will pay fees to Synergy for the services provided, and those fees will generally be in amounts intended to allow Synergy to recover all of its direct and indirect costs incurred in providing those services. The personnel performing services under the Shared Services Agreement will be employees and/or independent contractors of Synergy and will not be under ContraVir’s direction or control. These personnel costs will be allocated based upon the actual time spent by Synergy personnel performing services for ContraVir under the shared services agreement. | ||||||||
As of September 30, 2013 and June 30, 2013, the balances due to Synergy on shared services and allocated expenses are comprised of the following amounts: | ||||||||
September 30, 2013 | June 30, 2013 | |||||||
Legal, patent and corporate | $ | 46,125 | $ | 45,787 | ||||
Salaries and benefits | 50,108 | 16,703 | ||||||
Financial advisory fees | 10,000 | 10,000 | ||||||
Insurance | 8,801 | 2,934 | ||||||
Temporary labor | 2,550 | 2,550 | ||||||
Rent, utilities, and property taxes | 10,208 | 3,363 | ||||||
Other | 4,722 | 1,929 | ||||||
Total Shared Services | $ | 132,514 | $ | 83,266 | ||||
The shared services agreement will continue in effect until terminated (1) by ContraVir at any time on at least 30 days’ prior written notice, (2) by either party if the non-defaulting party shall have failed to perform any of its material obligations under the agreement, provided the non-defaulting party shall have notified the defaulting party in writing and such failure shall have continued for a period of at least 30 days after receipt of such written notice. This agreement was amended and restated on August 5, 2013 to clarify certain indemnification provisions. (See Note 11 Subsequent Events). |
Loss_per_Share
Loss per Share | 3 Months Ended |
Sep. 30, 2013 | |
Loss per Share | ' |
Loss per Share | ' |
10. Loss per Share | |
Basic and diluted net loss per share is presented in conformity with ASC Topic 260, Earnings per Share, (“ASC Topic 260”) for all periods presented. In accordance with ASC Topic 260, basic and diluted net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted-average common shares outstanding during the period. There are no stock options outstanding as of September 30, 2013. | |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Sep. 30, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
11. Subsequent Events | |
On August 8, 2013 ContraVir Pharmaceuticals, Inc. filed an initial Form 10 Registration Statement (“Form 10”) with the U.S. Securities and Exchange Commission, as amended September 20, 2013 and October 22, 2013. The separation contemplates a 100% distribution of the ContraVir shares of common stock, now held by Synergy, to Synergy’s stockholders on a pro-rata basis. Completion of the transaction is subject to a number of conditions, including effectiveness of the registration statement filed with the SEC, and other customary conditions. The transaction also remains subject to final approval by the Synergy Board of Directors. Synergy notes that there can be no assurance that any separation transaction will ultimately occur, or, if one does occur, its terms or timing. | |
As of September 30, 2013 the ContraVir Form 10 had not gone effective; however ContraVir became a public registrant on October 8, 2013 and is filing this Form 10-Q for the quarter ended September 30, 2013, accordingly. | |
On October 17, 2013, ContraVir received additional $150,000 from Synergy under the Loan and Security Agreement and paid off the balance due to Synergy on shared services and allocated expenses. | |
On November 18, 2013, ContraVir and Synergy entered into Amendment No. 1 to the Loan and Security Agreement, dated June 5, 2013, pursuant to which the total aggregate amount which could be borrowed by ContraVir from Synergy was increased from $500,000 to $1,000,000. |
Related_Parties_Tables
Related Parties (Tables) | 3 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Related Parties | ' | |||||||
Schedule of balances due to Synergy on shared services and allocated expenses | ' | |||||||
September 30, 2013 | June 30, 2013 | |||||||
Legal, patent and corporate | $ | 46,125 | $ | 45,787 | ||||
Salaries and benefits | 50,108 | 16,703 | ||||||
Financial advisory fees | 10,000 | 10,000 | ||||||
Insurance | 8,801 | 2,934 | ||||||
Temporary labor | 2,550 | 2,550 | ||||||
Rent, utilities, and property taxes | 10,208 | 3,363 | ||||||
Other | 4,722 | 1,929 | ||||||
Total Shared Services | $ | 132,514 | $ | 83,266 |
Basis_of_Presentation_and_Goin1
Basis of Presentation and Going Concern (Details) (Synergy, USD $) | 0 Months Ended | 10 Months Ended |
Aug. 05, 2013 | Jun. 10, 2013 | |
Synergy | ' | ' |
Stockholder's Deficiency | ' | ' |
Shares of common stock issued under the Contribution Agreement | 9,000,000 | ' |
Par value of shares issued (in dollars per share) | $0.00 | ' |
Percentage of outstanding shares of common stock issued to related party | 100.00% | ' |
Expenditures related to the research and development incurred by related party | ' | $0 |
Acquired FV-100 Product accounted for at related party's net book value | $0 | ' |
Basis_of_Presentation_and_Goin2
Basis of Presentation and Going Concern (Details 2) (USD $) | 2 Months Ended | 3 Months Ended | 5 Months Ended |
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Going Concern | ' | ' | ' |
Cash | $86,716 | $76,004 | $76,004 |
Net cash used in operating activities | ' | 110,712 | 123,996 |
Net loss | 140,495 | 182,062 | 322,557 |
Stockholder's deficiency | ($140,495) | ($322,557) | ($322,557) |
Stockholders_Deficiency_Detail
Stockholder's Deficiency (Details) (Synergy, USD $) | 0 Months Ended |
Aug. 05, 2013 | |
Synergy | ' |
Stockholder's Deficiency | ' |
Shares of common stock issued under the Contribution Agreement | 9,000,000 |
Par value of shares issued (in dollars per share) | $0.00 |
Percentage of outstanding shares of common stock issued to related party | 100.00% |
Accounting_for_SharedBased_Pay1
Accounting for Shared-Based Payments (Details) | 4 Months Ended |
Sep. 30, 2013 | |
Accounting for Shared-Based Payments | ' |
Vesting period for stock options granted under the Plan | '3 years |
Contractual term of stock options | '10 years |
Number of shares of common stock reserved for issuance, pursuant to the Plan | 1,500,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Income Taxes | ' |
NOLs | $322,000 |
Income tax benefits | 0 |
Amount of uncertain tax positions | $0 |
Loan_and_Demand_Note_Payable_D
Loan and Demand Note Payable (Details) (USD $) | 3 Months Ended | 5 Months Ended | 4 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Jun. 05, 2013 | Sep. 30, 2013 | |
Loan Agreement | Note | |||
Synergy | Synergy | |||
Loan and demand note payable | ' | ' | ' | ' |
Maximum borrowing available | ' | ' | $500,000 | ' |
Advances received from lender | $100,000 | $200,000 | ' | $200,000 |
Interest rate (as a percent) | ' | ' | ' | 6.00% |
Notice period to demand payment of the unpaid principal amount and all accrued but unpaid interest thereon | ' | ' | ' | '15 days |
Related_Parties_Details
Related Parties (Details) (Synergy, USD $) | 0 Months Ended | 5 Months Ended | 12 Months Ended |
Jul. 08, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | $132,514 | $83,266 |
Minimum period of prior written notice for termination of shared services agreement | '30 days | ' | ' |
Minimum period of failure to perform material obligations after receipt of written notice for termination of shared services agreement | '30 days | ' | ' |
Legal, patent and corporate | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 46,125 | 45,787 |
Salaries and benefits | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 50,108 | 16,703 |
Financial advisory fees | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 10,000 | 10,000 |
Insurance | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 8,801 | 2,934 |
Temporary labor | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 2,550 | 2,550 |
Rent, utilities, and property taxes | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | 10,208 | 3,363 |
Other | ' | ' | ' |
Related parties | ' | ' | ' |
Allocated shared services expenses | ' | $4,722 | $1,929 |
Loss_per_Share_Details
Loss per Share (Details) | Sep. 30, 2013 |
Loss per Share | ' |
Stock options outstanding (in shares) | 0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 5 Months Ended | 0 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2013 | Aug. 08, 2013 | Jun. 05, 2013 | Oct. 17, 2013 | Nov. 18, 2013 | |
Synergy | Synergy | Synergy | Synergy | |||
Loan Agreement | Subsequent Event | Subsequent Event | ||||
Loan Agreement | Loan Agreement | |||||
Subsequent events | ' | ' | ' | ' | ' | ' |
Percentage of common stock for a potential distribution to the related party's stockholders | ' | ' | 100.00% | ' | ' | ' |
Additional amount received | $100,000 | $200,000 | ' | ' | $150,000 | ' |
Maximum borrowing available | ' | ' | ' | $500,000 | ' | $1,000,000 |