Commitment and Contingencies

12 Months Ended

Dec. 31, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitment and Contingencies

NOTE 9 – COMMITMENT AND CONTINGENCIES

Relating to the License Agreement with Chong Corporation, a related party, beginning in the calendar year in which the first licensed products or licensed services takes place, but not prior to January 1, 2015, the Company is required to pay to Chong Corporation, a related entity, a 3% royalty for revenues with a $50,000 annual minimum royalty commitment.

The License Agreement with Chong Corporation also requires us to pay for the costs associated with maintaining the patent applications and patents licensed to us. For the fiscal year ended December 31, 2015, the amount of reimbursable costs was $63,497. Chong Corporation agreed to waive all reimbursements for 2015. Therefore, the reimbursements costs are recognized as additional contribution to paid in capital at December 31, 2015.

During April, 2015, the Company declared a dividend in the form of common shares for its 10% Series A convertible preferred stock in accordance with the designations, rights and preferences of the preferred stock. This 50,000 common share dividend with a fair value of $1 per share was issued on April 9, 2015.