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Related Party
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3 Months Ended |
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Mar. 31, 2012
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| Related Party Transactions [Abstract] | |
| Related Party Transactions Disclosure [Text Block] | 6. RELATED PARTY
The Company paid consulting fees to a company that is owned by its Chief Executive Officer amounting to $0, $30,000, and $306,000 for the three months ended March 31, 2012 and 2011, and for the period from September 3, 2009 (inception) through March 31, 2012, respectively. These fees were paid pursuant to the terms of a two-year support services contract that was in place prior to the CEO’s employment.
On March 29, 2012, the Company entered into a patent license agreement with a stockholder of the Company and a related party under common ownership. Under terms of the agreement, the Company has agreed to pay royalties to the licensors equal to 10% of the gross profits received by the Company from bona fide commercial sales and/or use of the licensed products and licensed processes. As of March 31, 2012, the Company has not paid any royalty fees related to this agreement.
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