XML 55 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Joint Venture Agreement
12 Months Ended
Dec. 31, 2013
Joint Venture Agreement [Abstract]  
Joint Venture Agreement
4.         Joint Venture Agreement
 
In December 2013 the Company entered into a memorandum of understanding (MOU) with Adiuvo Investment S.A. (AI), an investment company located in Poland, whereby AI paid the Company $100,000 for the option to purchase up to 10% of the outstanding stock in the Company at $0.25 per share. Upon the acquisition of the Company’s stock, AI also has the option to acquire, pro-rata to the number of shares purchased by AI, warrants to purchase up to 1,472,000 shares, exercisable at $0.22 per share for three years from the date of the MOU. AI also has the right to acquire additional warrants upon the Company achieving certain financial milestones. Immudyne also has an option to acquire up to 10% of AI, and an option to acquire additional shares of AI up to an aggregate consideration of $1,500,000. Further, AI granted the Company the right to participate in any subsequent public offerings of AI until the Company owns 10% of AI. At December 31, 2013, the Company has reported a $100,000 deposit payable, which is included in the accompanying balance sheet and is to be used toward an initial purchase of a minority interest in AI.  In January 2014 to Company paid $100,000 to AI in exchange for the minority interest in AI.