Related Party Transactions
|12 Months Ended|
Dec. 31, 2019
|Related Party Transactions [Abstract]|
|Related Party Transactions||
Note 8 – Related Party Transactions
The Company entered into a shareholder loan on May 15, 2017 for a principal balance of $122 at a stated interest rate of 3.4%. For the year ended December 31, 2018, the Company recorded $4, as finance income related to the shareholder loan. The loan principal and accrued interest was repaid in full as of December 31, 2018.
Sales and Marketing Services Arrangement with FreeHold Surgical LLC
Beginning in the fourth quarter of 2017, the Company began to make payments to FreeHold Surgical LLC ("FreeHold"), a wholly owned subsidiary of Orchestra BioMed, Inc., an entity in which David Hochman, the Chairman of our board of directors, served as director, and Darren Sherman, a member of our board of directors, served as a director and as President for services rendered beginning August 2017. On October 31, 2018, the Company gave thirty-day notice to FreeHold for termination of its services agreement effective November 30, 2018. As of December 31, 2018, the Company had $8 recorded as accounts payable to FreeHold. For the year ended December 31, 2018, the Company recorded $192 as general and administrative expense related to this arrangement. There is no expense and liability to FreeHold for the year ended December 31, 2019.
Shared Space Agreement
As of December 31, 2019, the Company has a related party receivable in the amount of $18 for 2019 usage of office space in relation to the license agreement (the "Shared Space Agreement") entered into with Orchestra BioMed, Inc., a greater than 5% holder of the Company's common stock and entity in which David Hochman, the Chairman of the Company's board of directors, serves as the Chairman of the board of directors and chief executive officer, and Darren Sherman, a member of the Company's board of directors, serves as a director and as president and chief operating officer (see Note 12).
In January 2020, Orchestra BioMed, Inc. paid the Company a one-time fee of $28.5, upon entering into the Shared Space Agreement, of which $10.5 was payment for occupancy of the office space in January 2020 prior to the effective date of the Shared Space Agreement, and $18 was payment of the receivable for 2019 usage of the office space. Orchestra BioMed, Inc. will continue to pay a monthly license fee to the Company until the expiration of the Shared Space Agreement in September 2024. Aggregate license fees will generally range from approximately $162 to approximately $198 in any given calendar year during the term of the Shared Space Agreement.
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://fasb.org/us-gaap/role/ref/legacyRef