Related Party Transactions

6 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 7 RELATED PARTY TRANSACTIONS

On May 1, 2012, the Company paid $13,500 for outside consulting services to a company owned by one of its employee/shareholders.

On April 20, 2012, the Company purchased technology and intellectual property from officers/employees in the amount of $10,000 (See Note 2B).

On March 31, 2012, the Company entered into a license agreement with another company which is owned by one of its director/shareholders.  During the six months ended March 31, 2013, the Company received contract fees of $60,000 in connection with that license agreement. (See Notes 6 and 10)

On March 28, 2012, the Company entered into a one year lease agreement with a director for the lease of office space.  The lease calls for a monthly rental fee in the amount of $1,160 beginning on April 1, 2012.  The total paid under this agreement during the three months ended March 31, 2013 was $6,960.

On February 13, 2012, the Company purchased technology and intellectual property from officers/employees in the amount of $15,000.

On February 8, 2012, the Company purchased technology and intellectual property from officers/employees in the amount of $15,000.  In addition, as part of the agreement, the Company granted stock options to the employees for 300,000 shares of common stock at an exercise price of $4.09 (See Note 4).

Starting in June 2011, the Company rented office space on a month to month basis for approximately $1,118 per month from a related party.  The total amount of rent paid to the related party for the six months ended March 31, 2013 and 2012 was $4,472 and $6,708, respectively.  This rental agreement was terminated effective February 15, 2013.