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, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 – Related Party Transactions CorLyst, LLC (“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 $126,324 and $119,001 of reimbursements during the years ended December 31, 2021 and 2020, respectively. No amounts were due from CorLyst at December 31, 2021 and 2020. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the second quarter of 2021. At December 31, 2021 and 2020, we recognized $1,772 and $69,858 in prepaid reimbursements as due to related parties in the accompanying consolidated balance sheet. Our CEO is also the CEO of CorLyst and CorLyst is a shareholder. 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, 2021.

Related Party Transactions

12 Months Ended

Dec. 31, 2021

Note 11 – Related Party Transactions

CorLyst, LLC (“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 $126,324 and $119,001 of reimbursements during the years ended December 31, 2021 and 2020, respectively. No amounts were due from CorLyst at December 31, 2021 and 2020. In September 2020, CorLyst prepaid shared expenses to us for the fourth quarter of 2020 through the second quarter of 2021. At December 31, 2021 and 2020, we recognized $1,772 and $69,858 in prepaid reimbursements as due to related parties in the accompanying consolidated balance sheet. Our CEO is also the CEO of CorLyst and CorLyst is a shareholder.

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, 2021.