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RELATED PARTY TRANSACTIONS
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6 Months Ended |
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Jun. 30, 2013
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | NOTE 6 – 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. Effective February 1, 2012, Lederman & Co receives $250,000 per annum for its consulting services. The agreement renews automatically for subsequent terms of one year at $250,000 per annum. Total expenses paid under this agreement were $62,500 and $125,000 during the three and six month periods ended June 30, 2013, respectively; and $62,500 and $138,750 during the three and six month periods ended June 30, 2012, respectively. |
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- Details
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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