Quarterly report pursuant to Section 13 or 15(d)

Note Receivable - Moleculin LLC

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Note Receivable - Moleculin LLC
3 Months Ended
Mar. 31, 2016
Receivables [Abstract]  
Financing Receivables [Text Block]
Note 2 – Note Receivable - Moleculin LLC
 
On January 8, 2016, Moleculin, LLC issued a revolving line of credit promissory note to the Company where the Company agreed to loan up to $50,000 to Moleculin, LLC. The note bears annual interest rate at 8% and has a late charge of 5% for amount overdue. Interest is payable monthly to the Company commencing on July 8, 2016 and any outstanding balance is payable on January 8, 2017. As of March 31, 2016, the Company has funded $30,000 to Moleculin, LLC.
 
On April 5, 2016 the $50,000 revolving line of credit promissory note was increased to $60,000. During the month of April 2016, the Company provided Moleculin, LLC an additional $27,822 for an aggregate amount of $57,822. On May 2, 2016, the Company’s merger of Moleculin, LLC was completed and the aggregate loan amount of $57,822 will be considered part of the consideration for the purchase of Moleculin, LLC.