RELATED PARTY TRANSACTIONS AND BALANCES

3 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES

Transactions

	Three Months Ended March 31,
	2014		2013
Compensation and related expenses to the Chairman (1)	$	7,500	$	7,500
Compensation to the Chief Financial Officer (2)		7,500		7,500
Cash advance from Royal HTM Group, Inc. (3)		17,000		38,000
	$	32,000	$	53,000

1) Boris Birshtein serves as the Company’s Chairman of the Board of Directors (the “Chairman”) and its Chief Executive Officer. Mr. Birshtein owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.

2) Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer. Mr. Braverman owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.

3) Although it is under no obligation to do so, Royal HTM Group, Inc., a Canadian company owned by Messrs Birshtein and Braverman, lends funds to the Company (and advances funds on its behalf) to cover the Company’s on-going expenses.

Balances

As of March 31, 2014 payables to related parties consist of the following:

Amount due to Royal HTM Group, Inc.	$	3,795,000
Accrued compensation due to the Chief Financial Officer		517,000
Accrued compensation due to the Chairman		2,125,000
	$	6,437,000

These amounts are non-interest bearing and due on demand.