Quarterly report pursuant to Section 13 or 15(d)

Accrued Expenses and Other Current Liabilities

v3.19.2
Accrued Expenses and Other Current Liabilities
6 Months Ended
Jun. 30, 2019
Accrued Liabilities [Abstract]  
Accrued Expenses and Other Current Liabilities

Note 5 — Accrued Expenses and Other Current Liabilities

 

Accrued expenses and other current liabilities consisted of the following as of:

 

    June 30,     December 31,  
    2019     2018  
Bonus   $ 115,400     $ 873,621  
Payroll           145,937  
Vacation     102,180       38,763  
Employee Stock Purchase Plan     15,381        
License agreement fee     222,553       222,553  
Milestone payment     75,000        
Operating expenses     191,933       49,872  
Total accrued expenses and other current liabilities   $ 722,447     $ 1,330,746  

 

The accrued bonus as of June 30, 2019 represents the estimated amount recognized on a pro rata basis during 2019 of the guaranteed bonus payment to the Company’s Chief Executive Officer (“CEO”) under the CEO Employment Agreement. At December 31, 2018, the accrued bonus represents the guaranteed bonus payment to the CEO and discretionary bonus payments to the CEO and other employees.

 

The accrued payroll at December 31, 2018 represents earned but unpaid salary payable to the Company’s CEO for the period July 1, 2017 to January 31, 2018, under the terms of the previous Senior Secured Note, and was subsequently paid in January 2019.

 

The Employee Stock Purchase Plan (“ESPP”) payable represents employee authorized withheld payroll deductions payable under the PAVmed Inc. ESPP. See Note 9, Stock-Based Compensation, for a discussion of the PAVmed Inc. ESPP.

 

The accrued license agreement fee as of June 30, 2019 and December 31, 2018 is the remaining unpaid balance of the license fee incurred in connection with the “CWRU License Agreement”. The accrued milestone payment is with respect to the achievement of a milestone under the “CWRU License Agreement”, as discussed in Note 6, Agreements Related to Acquired Intellectual Property Rights.