COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 15 –COMMITMENTS AND CONTINGENCIES

Contractual Obligations and Commercial Commitments

On May 6, 2014, we entered into a consultancy agreement with two third party doctors that has a nine month term which can be renewed and/or extended by mutual agreement.  The agreement provides for a $50,000 payment at signing, which has been paid, and for three more $50,000 payments and the issuance of 100,000 shares of our common stock upon the achievement of certain goals as set forth in appendix II of the agreement. During the three and nine months ended September 30, 2014, we have recognized $100,000 and $150,000 of the $200,000 cash payment obligations as research and development expenses in our condensed statements of operations. At September 30, 2014, $100,000 is included in accrued expenses on our condensed balance sheet. The value of the 100,000 shares will be recognized upon achievement of the goals, currently anticipated to be during the fourth quarter of 2014.

Legal Proceedings

We were not subject to any legal proceedings during the three and nine months ended September 30, 2014, and, to the best of our knowledge, no legal proceedings are pending or threatened.