Related Party Transactions

6 Months Ended

Jun. 30, 2014

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE D – RELATED PARTY TRANSACTIONS

Certain expenses have been paid on behalf of the Company by Joytoto Co., Ltd (“Joytoto Korea”), of which the Company is a majority owned subsidiary. The Company has recognized the expenses and corresponding payable to Joytoto Korea as due to affiliate. The advances are non-interest bearing and have no specific repayment date. During the six months ended June 30, 2014, the Company received proceeds of $75,200 and repaid $40,000. During the three months ended June 30, 2014, the Company received proceeds of $94,000.

The Company has entered into a Service Agreement with Gameforyou, Incorporated, a wholly-owned subsidiary of Joytoto Korea. Under this agreement, Gameforyou, Incorporated provides translation, customer support, and system operations and maintenance. The Company is required to pay Gameforyou, Incorporated $10,000 in cash and $10,000 in cash or stock each month. Any issuance of stock will be at the market value or at a price determined and agreed to by both parties. For the six months ended June 30, 2014 and 2013, $120,000 and $120,000, respectively, were recognized in the Statement of Operations under this agreement. At June 30, 2014 and December 31, 2013, $891,000 and $771,000, respectively were due to Gameforyou, Incorporated.

The amount due from a related party of $24,795 represents an amount paid by the Company on behalf of a related party. This amount was repaid to the Company in July 2014.