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Contracts Payable
9 Months Ended
Sep. 30, 2013
Contracts Payable

6. Contracts Payable

The Company entered into a consulting contract for financing, structure, and investor services on March 2, 2010 for 800,000 shares of common stock valued at $500,000. The contract was for a period of three years and the fair value of the services were amortized ratably over the service period. Accordingly, the Company recognized a charge to investor relations expense of $125,000 and $27,778 for the nine months ended September 30, 2012 and 2013, respectively.