NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in thousands, except unit, share, per unit, and per share data)
The amounts due from AuraSense, LLC in connection with the above mentioned activities were $17 and $15 at December 31, 2017 and 2016, respectively.
The following is a summary of amounts billed to AuraSense, LLC and recognized in the accompanying statements of operations in connection with the above mentioned activities:
For the Year Ended
Direct labor on research activities
Quarterly fee for indirect costs
Direct costs of AuraSense LLC paid by the Company or (of the Company paid by AuraSense, LLC), net
The Company received consulting services from, and paid fees to, one of its co-founders who is not an employee but serves as a member of the Board of Directors of the Company. The Company paid $100 in each of the years ended December 31, 2017 and 2016 in connection with these consulting services and these amounts are recognized as an expense in the accompanying consolidated statements of operations.
13. Subsequent Events
Hercules loan amendment
On January 15, 2018, the Company and Hercules amended its loan agreement so that amortization payments due for the thirteen (13) consecutive months commencing on December 1, 2017 through and including December 1, 2018 were deferred. Commencing on January 1, 2019, and continuing on the first business day of each month thereafter, the loan, including the deferred payments, shall begin amortizing in equal monthly installments of principal and interest based upon an amortization schedule equal to eighteen (18) consecutive months.
The Company has evaluated subsequent events which may require adjustment to or disclosure in the accompanying consolidated financial statements and has concluded that, other than the Hercules loan amendment disclosed above, there are no subsequent events or transactions that occurred subsequent to the balance sheet date that would require recognition or disclosure in the accompanying consolidated financial statements.