Processa Pharmaceuticals, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Related Party Transactions

Related Party Transactions	12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 – Related Party Transactions CorLyst reimburses us for shared costs related to payroll, health insurance and rent based on actual costs incurred, which are recognized as a reduction of our general and administrative operating expenses being reimbursed in our consolidated statement of operations. We recorded $119,001 and $103,047 of reimbursements during the years ended December 31, 2020 and 2019, respectively. No amounts were due from CorLyst at December 31, 2020 and 2019. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the second quarter of 2021. At December 31, 2020, we recognized $69,858 in prepaid reimbursements as due to related parties in the accompanying consolidated balance sheet. At December 31, 2020, we had $154,730 due from certain employees for federal, state and local income taxes related to the restricted stock awards that vested in October 2020. We did not have a similar receivable at December 31, 2019.

Related Party Transactions

12 Months Ended

Dec. 31, 2020

Note 15 – Related Party Transactions

CorLyst reimburses us for shared costs related to payroll, health insurance and rent based on actual costs incurred, which are recognized as a reduction of our general and administrative operating expenses being reimbursed in our consolidated statement of operations. We recorded $119,001 and $103,047 of reimbursements during the years ended December 31, 2020 and 2019, respectively. No amounts were due from CorLyst at December 31, 2020 and 2019. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the second quarter of 2021. At December 31, 2020, we recognized $69,858 in prepaid reimbursements as due to related parties in the accompanying consolidated balance sheet.

At December 31, 2020, we had $154,730 due from certain employees for federal, state and local income taxes related to the restricted stock awards that vested in October 2020. We did not have a similar receivable at December 31, 2019.