v2.4.0.8

7. Related Party Transactions (Tables)

3 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Schedule of Related Party Transactions [Table Text Block]

		Three months ended September  30, 2013		Three months ended September  30, 2012		Nine months ended September 30, 2013		Nine months ended September 30, 2012
DEVELOPMENT COSTS:
Consulting services rendered by an individual who was a director and officer of the Company	$	-	$	15,000	$	-	$	45,000
INTEREST EXPENSE:
Promissory notes issued to relatives of the Chairman		76,557		76,557		229,670		229,670
Lines of credit from the Chairman & Chief Executive Officer of the Company and his spouse		151,774		108,707		417,551		286,740
Stock options granted to Chairman & Chief Executive Officer of the Company		-		-		-		2,616,602
SELLING, GENERAL & ADMINISTRATIVE:
Consulting services rendered by the Chairman of the Board & Chief Executive Officer		47,400		47,400		142,200		142,200
Consulting services rendered by a member of the Board of Director in his capacity as management of the Company		31,500		-		94,500		-
Stock options granted to non-executive members of the Board of Directors		-		29,975		-		29,975

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- Definition

Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, 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.

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