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

Quarterly report pursuant to Section 13 or 15(d)

Note Receivable - Related Party

Note Receivable - Related Party

6 Months Ended

Jun. 30, 2015

Note 5 - Note Receivable Related Party

On December 31, 2014 a note of $1,475,766 was issued to the Company in exchange for the Companys open trade receivables from ChubeWorkx Guernsey Limited, a major shareholder. It is payable in sixty equal installments of $27,734 commencing January 1, 2015 and has an interest rate of 5% per annum. Installments due for the periods January through August 2015 have been received. Interest income received in the three and six months ended June 30, 2015 was $22,860 and $34,837 and is recorded in the interest and dividend income in the condensed consolidated statement of operations and comprehensive income.

In the event of default, the Company, at its sole discretion, has the right to redeem any and all Company shares owned by ChubeWorkx Guernsey Limited to satisfy the monies owed to the Company under this note (Note 18).

The scheduled cash flow from the note is as follows:

	Principal		Interest		Total
Next 12 Months	$	273,189	$	59,619	$	332,808
Next 13-24 Months		287,166		45,642		332,808
Next 25-36 Months		301,857		30,950		332,807
Next 37-48 Months		317,301		15,507		332,808
Next 49-60 Months		164,687		1,717		166,404
	$	1,344,200	$	153,435	$	1,497,635

Notes receivable related party as of June 30, 2015 and December 31, 2014 is as follows:

	2015		2014
Current	$	273,189	$	266,457
Non-current		1,071,011		1,209,309
	$	1,344,200	$	1,475,766