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Related Party Transactions
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3 Months Ended |
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Mar. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] |
6. Related Party Transactions
Prior to June 30, 2006, the Company’s founding stockholder and Chief Executive Officer, Dr. John Kovach, had periodically made advances to the Company to meet operating expenses. Such advances are non-interest-bearing and are due on demand. At March 31, 2012 and December 31, 2010, stockholder advances totaled $92,717.
The Company’s office facilities have been provided without charge by Dr. Kovach. Such costs were not material to the financial statements and, accordingly, have not been reflected therein.
In view of the Company’s development stage status and limited resources, Dr. Kovach did not receive any compensation from the Company prior to 2011. However, on February 18, 2011, the Company’s Board of Directors approved a salary to Dr. Kovach of $5,000 per month beginning March 15, 2011. In connection therewith, Dr. Kovach was paid a salary of $15,000 and $2,500 for the three months ended March 31, 2012 and 2011, respectively, and $62,500 for the period from August 9, 2005 (inception) to March 31, 2012 (cumulative).
Dr. Kovach is not involved in other business activities but could, in the future, become involved in other business opportunities that become available. Accordingly, he may face a conflict in selecting between the Company and his other business interests. The Company has not yet formulated a policy for the resolution of such potential conflicts.
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