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Joint Venture Agreement
12 Months Ended
Dec. 31, 2014
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, which expired in September 2014, to purchase up to 10% of the outstanding stock in the Company at $0.25 per share. At December 31, 2013, the Company reported a $100,000 deposit payable, which is included in the accompanying balance sheet.

 

In January 2014 the Company invested $100,000 in AI in exchange for a minority interest of less than 1% in 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 and the option to buy up to 10% of AI. The Company’s investment in AI is accounted for at no value on the accompanying December 31, 2014 balance sheet.