3. Certain relationships and related transactions
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3 Months Ended |
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Mar. 31, 2012
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Related Party Transactions Disclosure [Text Block] | 3. Certain relationships and related transactions Accounts Payable to related parties As of March 31, 2012 and December 31, 2011, the Company had accounts payable to related parties in the amount of $53,778 and $63,003, respectively. These amounts are unpaid Directors Fees and expenses incurred by officers and directors. Accrued expense due to related parties As of March 31, 2012 and December 31, 2011, the Company accrued salaries due to the President and to a former officer of the Company in the amount of $691,515 and $696,515, respectively, and, are included in accrued expenses on the accompanying balance sheet. The President of the Company has agreed to defer payment of salary for an indefinite period of time. No payment was made during the period ended March 31, 2012 and balance as of March 31, 2012 was $401,515. A former Chief Financial Officer of the Company has agreed to a monthly payment schedule $10,000 to $15,000 which will end in October 2013 pursuant to a December 2011 Settlement Agreement upon his resignation. During the period ended March 31, 2012, the Company paid $30,000 leaving a balance of $290,000. |