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RELATED PARTY TRANSACTIONS
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9 Months Ended | |
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Sep. 30, 2013
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| Related Party Transactions [Abstract] | ||
| Related Party Transactions Disclosure [Text Block] | NOTE 7 – RELATED PARTY TRANSACTIONS
The Company has entered into an agreement with Lederman & Co., LLC (“Lederman & Co”), a company under the control of Dr. Seth Lederman, the Company’s Chief Executive Officer and Chairman of the Board of Directors. Effective February 1, 2012, Lederman & Co received $250,000 per annum for its consulting services. The agreement renewed automatically for subsequent terms of one year at $250,000 per annum. Effective October 15, 2013, Lederman & Co receives $325,000 per annum for its consulting services, and the agreement renews automatically for subsequent terms of one year at $325,000 per annum (Note 8). Total expenses paid under this agreement were $62,500 and $187,500 during the three and nine month periods ended September 30, 2013, respectively; and $62,500 and $201,250 during the three and nine month periods ended September 30, 2012, respectively.
On July 31, 2013, the Company sold two promissory notes in the principal face amounts of $150,000 and $50,000 to Lederman & Co and Eli Lederman, respectively, in exchange for $150,000 and $50,000, respectively. On August 1, 2013, the Company sold a promissory note in the principal face amount of $80,000 to Lederman & Co in exchange for $80,000. The notes are payable on demand at any time after one year from issuance and bear no interest.
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