Joint Venture Agreement

9 Months Ended

Sep. 30, 2015

3.	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. 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 AI shares have recently started trading on the Warsaw exchange in Poland, and management is currently investigating the liquidity and realizable value of these shares. The Company’s investment in AI is accounted for at no value on the accompanying September 30, 2015 balance sheet, pending a reliable estimate of its fair market value.