Quarterly report pursuant to Section 13 or 15(d)

Contracts Payable

v2.4.0.8
Contracts Payable
9 Months Ended
Sep. 30, 2014
Contracts Payable

6. Contracts Payable

The Company entered into a consulting contract for financing, structure, and investor services on March 2, 2010 for 800,000 shares of Common Stock valued at $500,000. The contract was for a period of three years and the fair value of the services were amortized ratably over the service period. Accordingly, the Company recognized a charge to investor relations expense of $27,778 and $0 for the nine months ended September 30, 2013 and 2014, respectively.