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Leases
12 Months Ended
Dec. 31, 2014
Leases [Abstract]  
LEASES

NOTE 7 — LEASES

 

Operating Leases — The Company leases laboratory and production space under operating lease agreements which can be cancelled with 3 month notice.  The lease calls for monthly payments of DKK 6,000 (approximately $967 at December 31, 2014).

 

On March 27, 2014 the Company entered into an operating lease agreement for office space from a related party. The Lease calls for monthly payments of DKK 10,000 (approximately $1,612), increasing to DKK 20,000 (approximately $3,225) on July 1, 2014. The lease can be terminated by either the Company or the landlord by giving the other 3 month notice. The Company gave a notice terminating the lease agreement on February 27, 2015 thereby releasing the Company from the lease on May 31, 2015.

 

Lease expense charged to operations was $32,297 and $65,702, for the years ended December 31, 2014, and 2013 respectively.