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RELATED PARTY TRANSACTIONS
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12 Months Ended | ||
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Dec. 31, 2013
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| Related Party Transactions [Abstract] | |||
| Related Party Transactions Disclosure [Text Block] |
NOTE 14 – RELATED PARTY TRANSACTIONS
Dr. Seth Lederman, our Chief Executive Officer and Chairman of the Board, and Dr. Donald Landry, one of our directors, are the primary founders of the Company. We have entered into various transactions with several companies under their control, including L&L, Plumbline, Targent Pharmaceuticals, LLC and Lederman & Co. Total expenses paid under these agreements were $271,875 and $300,583 during the years ended December 31, 2013 and 2012, respectively.
On November 14, 2012, the Company sold to officers, members of the board of directors and their related parties for aggregate cash proceeds of $390,000, debentures (the “Debentures”) in the principal face amount of $390,000 and exchanged Debentures in the principal face amount of $320,000 for promissory notes issued between October and November 2012 to some affiliated investors. In December 2012, the Debentures were exchanged for the December 2012 Units at a conversion price of $6.00 per share. Interest expense on the Debentures for the year ended December 31, 2012 was $3,155 (see Note 7). 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, and on August 1, 2013, the Company sold a promissory note in the principal face amount of $80,000 to Lederman & Co. The notes , which were sold for an aggregate of $280,000, are payable on demand at any time after one year from issuance and bear no interest. |