Note 12 - Related Party Transactions

Two of the Company’s Directors provide consulting, scientific and research and advisory services to the Company pursuant to agreements that provided for annual compensation of $42,000 each. During the fourth quarter of the year ended December 31, 2017, the Company modified the compensation terms under the agreements. The Company will continue to compensate Dr. Cohen and Dr. Barzilai for their ongoing consulting, scientific and research and advisory services at an annual rate of $20,000 per individual. In addition, both Dr. Barzilai and Dr. Cohen will receive a fee for serving on the Company’s Board of Directors. During each of the years ended December 31, 2017 and 2016, $36,500 and $42,000, respectively, was paid to each director by the Company for consulting fees. As of December 31, 2017 and 2016, no amounts were owed to either Director.