Carlo, thank you. It appears that Damaj founded R&D back in 2006. A Samira Wifak is listed as the general manager of R&D. So some further checking and from the Apricus 8K of March 2010:
On September 1, 2009, the Company entered into a consulting agreement with Samira Wifak, the spouse of its Chief Executive Officer, Dr. Bassam Damaj. During the nine month period ended September 30, 2009, the Company paid approximately $5,000 in consulting fees to Mrs. Wifak which have been reflected in general and administrative expenses. Prior to September 1, 2009, Mrs. Wifak was an employee of the Company and earned compensation of $56,000 and $15,360 for the year ended December 31, 2008 and the nine month period ended September 30, 2009, respectively, which is reflected in general and administrative expenses.
On August 1, 2009, the Company entered into a note payable with its Chief Executive Officer, Dr. Damaj, in the amount of $80,000 for a loan due upon demand at 10% interest. The note balance at September 30, 2009 is $35,000. Related interest accrued and payable at September 30, 2009 is approximately $1,000 and is included in accounts payable and accrued expenses. Interest expense of approximately $1,000 has been reflected in general and administrative expenses. The Company made cash payments of $45,000 in principal to Dr. Damaj during the nine month period ended September 30, 2009.
On September 7, 2009, Mr. Wifak, the brother-in-law of its Chief Executive Officer was hired as an employee of the Company. During the nine month period ended September 30, 2009, the Company paid Mr. Wifak approximately $2,000 in wages which have been reflected in general and administrative expenses. On June 29, 2009, Mr. Wifak exercised option grants he had received during his first term of employment with the Company during 1999 through 2002, with an exercise price of $0.01 resulting in an issuance of 200 shares of common stock and a receivable from Mr. Wifak in the amount of $8,000 which was outstanding at September 30, 2009 and paid in full on November 17, 2009.
The Company purchased pharmaceutical grade prescription drugs from R&D Healthcare, Inc. [R&D Healthcare]. R&D Healthcare is wholly owned by Dr. Bassam Damaj, Bio-Quant’s Chief Executive Officer. During the nine month period ended September 30, 2009, the Company paid approximately $27,000 to R&D Healthcare for pharmaceutical grade prescription drugs supplied to the Company, which have been reflected in cost of sales.
News 
Market Data 
Discover 
AI
