Commitments

12 Months Ended

Sep. 30, 2013

Commitments [Abstract]

COMMITMENTS

NOTE 5         COMMITMENTS

On September 20, 2013, the Company entered into an agreement for outside financial consulting services.  The agreement calls for compensation at the rate of $150 per hour or, if the consultant is working for the Company at a location other than his office, at a rate of $1,000 per day plus reimbursement of travel, lodging and meal expense.  The agreement will terminate at the completion of the specified services or either party may terminate the agreement at any time, with or without cause, upon thirty (30) days’ notice to the other party.

On March 1, 2013, the Company entered into a 48 month operating lease agreement for office equipment beginning on April 1, 2013.  The agreement calls for a monthly rental fee of $234.  Lease expense related to this operating lease for the year ended September 30, 2013 was $1,403.  Future minimum lease payments as of September 30, 2013 are as follows:

Fiscal year ending September 30
2014	$	2,805
2015		2,805
2016		2,805
2017		1,403
	$	9,818

On December 19, 2012, the Company entered into a nine-month agreement to receive financial advisory and investment banking services.  The Company agreed to pay a non-refundable retainer fee in the form of 15,000 restricted shares of common stock of the Company (See Note 3(B)).  In addition, the Company agreed to pay a financing fee of eight percent (8%) of the gross proceeds upon the closing of any financing with any one or more of the advisors investors. The financing fee shall be four percent (4%) in the case of non-convertible debt financing. Furthermore, upon the first closing, a transaction fee of four percent (4%) of the aggregate consideration of each transaction shall be payable in the same form as the aggregate consideration in such transaction.  The agreement may be terminated by either party upon thirty days written notice.  As of September 30, 2013, no finance or transactions fees have been incurred in connection with this agreement.  The retainer fee was expensed in full during the quarter ended December 31, 2012.  This agreement has terminated.

On December 10, 2012, the Company entered into a one year consulting agreement for part-time lab work.  The agreement calls for compensation at the rate of $12.50 per hour or a fixed rate of $120 per day depending on the nature of the project.  This agreement has been terminated without any further obligation to the Company.

On August 29, 2012, the Company entered into a six-month consulting agreement to receive investor relations services effective September 1, 2012.  The Company is required to pay $10,000 a month. On March 1, 2013, if the agreement has not been terminated, the contract for services will continue on a month-to-month basis.  After February 28, 2013, either party may terminate the contract with or without cause without penalty upon 30 days’ written notice.  This agreement was terminated effective March 31, 2013.

On April 13, 2012, the Company entered into an employment agreement with an employee, with the initial term expiring on October 31, 2012.  The employment agreement provides the employee with monthly compensation of $4,170 per month, with bonus and salary increases to be determined by the Company.  The employee is also entitled to participate in any employee benefit plans in which the employee is eligible to participate.  If the Company terminates employment before the initial term expires, whether for cause or without cause, the Company is required to pay the employee the base salary for the one-week period following termination.  Benefits are payable during the one-week period following termination if the benefit plans permit.   This agreement expired and a new one year employment agreement was entered into effective November 1, 2012 with the same terms as the initial agreement.

On March 30, 2012, the Company entered into a one-year lease agreement with an unrelated party for lease of office space beginning on May 1, 2012.  The agreement calls for a monthly rental fee of $1,750.  This lease agreement has expired and the office space continues to be rented on a month to month basis.

On October 31, 2011, the Company entered into an initial twelve month agreement with an outside party to assist the Company in financial advisory services. The agreement required a payment of $10,000 upon execution, a payment of $6,000 upon the Company’s stock being quoted on OTCQX, and thereafter a quarterly fee of $6,000 until such time as the agreement is terminated.  This agreement has been terminated.

On June 1, 2011, the Company entered into a one-year employment agreement with an employee, with the initial term expiring on May 31, 2012. The employment agreement provides the employee with annual compensation of $70,000 per year, with annual bonus and salary increases determined by the Company.  The agreement also calls for the employee to receive health benefits.  If the Company terminates employment before the initial term expires, whether for cause or without cause, the Company is required to pay the employee the base salary for the two-week period following termination.  Benefits are payable during the two-week period following termination if the benefit plans permit.  This agreement expired and was renewed on July 1, 2012, providing for annual compensation of $72,450 per year, with annual bonus and salary increases determined by the Company.  All other terms remained unchanged.

On May 1, 2011, the Company entered into a one-year employment agreement with an employee, with the initial term expiring on May 31, 2012. The employment agreement provides the employee with annual compensation of $50,000 per year, with annual bonus and salary increases determined by the Company.  The agreement also calls for the employee to receive health benefits.  If the Company terminates employment before the initial term expires, whether for cause or without cause, the Company is required to pay the employee the base salary for the two-week period following termination.  Benefits are payable during the two-week period following termination if the benefit plans permit.  The annual compensation was subsequently increased to $54,000 per year.  This agreement expired and a new two year employment agreement was entered into effective May 1, 2012 which provides for annual compensation of $65,000 per year, with annual bonus and salary increases determined by the Company.  All other terms remained unchanged and this new agreement expires on April 30, 2014.