Equity

3 Months Ended

Jun. 30, 2012

Equity

Stockholders' Equity Note Disclosure [Text Block]

(6) Stockholder's Equity (Deficit)

There is no public market for the Company's common shares. Since its inception, the Company has negotiated the value of its common stock in arm's length transactions with all unrelated parties. 

Six Months Ended June 30, 2012

On January 1, 2012 the Company issued the remaining 15,000 shares due under its service agreement with its Chief Medical Officer. These shares were valued at $3,000 and were initially classified as a prepaid expense. The $3,000 is being amortized to research and development over the remaining twelve months of the agreement’s term.

During the six month period, the Company issued 17,856  shares to its Chief Scientific Officer for services valued at $6,000, which was expensed as research and development.

During the same six month period, the Company issued 156,813 shares of its common stock through its public offering and received $164,7609 (See Note 1).

On April 01, 2012 the Company appointed William Pinon as non-executive chairman of its board of directors. Mr. Pinon received 20,000 shares upfront along with the option to purchase 5,000 shares per quarter at $1.05 per share for the initial two year term oh his director agreement. The options expire in 10 years. The options were valued at $2,186 using the Black-Scholes Option Model, which was charged to operations (See Note 1).

Six Months Ended June 30, 2011

During the six months ended June 30, 2011, the Company issued its chief scientific officer 11,250 shares of common shares as part compensation pursuant to his service agreement, which were valued at $4,250 and expensed to research and development. During the same six month period the Company issued 15,000 due under its service agreement with its Chief Medical Officer. These shares were valued at $3,000 and were initially classified as a prepaid expense. The $3,000 was amortized to research and development over the twelve months of the agreement’s term. Also during the six month period, the Company issued 4,400 shares of its common stock for accounting services that were valued at $880 and charged to operations. Also during the same six month period the Company issued 7,500 shares for $1,500.