Related Party Transactions

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Note 6. Related Party Transactions

As compensation for their service on the Board, Dr. Kirkland and Mr. Sierchio will receive an annual retainer of $6,000, payable in equal yearly installments in arrears and prorated for any partial years of service.

For the three months ended March 31, 2015, directors’ and consulting fees with respect to officers and directors of the Company were $6,000 (2014: $75,084). Legal fees incurred with respect to one of the Company’s directors in the three months ended March 31, 2015 were $38,980 (2014: $47,193). Amounts included in accounts payable and accrued expenses, and due to related parties, at March 31, 2015 were $19,615 and $7,255 as of December 31, 2014.