Processa Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

Related Party Transactions	6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – Related Party Transactions A shareholder, CorLyst, LLC, reimburses us for shared costs related to payroll, health care insurance and rent based on actual costs incurred, which are recognized as a reduction of our general and administrative operating expenses in our condensed consolidated statement of operations. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the July 2021. At June 30, 2021, we recognized $11,742 in prepaid reimbursements as due to related parties in the accompanying condensed consolidated balance sheet. At June 30, 2020, we had $500,000 outstanding under a convertible related party LOC. This LOC was converted into shares of our common stock on October 6, 2020. No amounts were due from CorLyst at June 30, 2021 and December 31, 2020.

Related Party Transactions

6 Months Ended

Jun. 30, 2021

Note 11 – Related Party Transactions

A shareholder, CorLyst, LLC, reimburses us for shared costs related to payroll, health care insurance and rent based on actual costs incurred, which are recognized as a reduction of our general and administrative operating expenses in our condensed consolidated statement of operations. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the July 2021. At June 30, 2021, we recognized $11,742 in prepaid reimbursements as due to related parties in the accompanying condensed consolidated balance sheet. At June 30, 2020, we had $500,000 outstanding under a convertible related party LOC. This LOC was converted into shares of our common stock on October 6, 2020. No amounts were due from CorLyst at June 30, 2021 and December 31, 2020.