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RELATED PARTY TRANSACTIONS
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3 Months Ended |
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Mar. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | NOTE 10 - RELATED PARTY TRANSACTIONS
Dr. Seth Lederman, the Company’s Chief Executive Officer and Chairman of the Board, and Dr. Donald Landry, one of the Company’s directors, are the primary founders of the Company. The Company has entered into various agreements for consulting services with several companies under their control, including L&L Technologies, Plumbline, Targent Pharmaceuticals, LLC and Lederman & Co. In consideration for its services, L&L Technologies receives $96,000 per annum. The consulting agreement renews automatically for subsequent terms of one year at $96,000 per annum. Effective February 1, 2012, Lederman & Co. receives $250,000 per annum for its services. The consulting agreement renews automatically for subsequent terms of one year at $250,000 per annum. Total expenses paid under these agreements were $76,250 and $86,500 during the three months ended March 31, 2012 and 2011, respectively. In January 2012, the related party companies received interest on the convertible notes in the aggregate amount of $6,183.
In connection with the January 2012 Financing, related party convertible debenture holders received an aggregate of 84,150 shares of common stock and 10,000 warrants to purchase the Company's common stock at an exercise price of $1.00 for three years (see Note 5). Upon exchange of debentures for units in the January 2012 Financing, related party debenture holders received an aggregate of 275,000 of the Company's common stock, 275,000 Class A Warrants and 275,000 Class B Warrants (see Note 6). |