RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Jun. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES

Transactions

	Six Months Ended June 30,
	2015		2014
Compensation to the Chief Executive Officer (1)	$	15,000	$	15,000
Compensation to the Chief Financial Officer (2)		15,000		15,000
Cash advance from Royal HTM Group, Inc. (3)		121,000		47,000
	$	151,000	$	77,000

1) Mr. Boris Birshtein serves as the Company’s Chairman of the Board of Directors 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 June 30, 2015 payables to related parties consist of the following:

Amount due to Royal HTM Group, Inc.	$	4,044,000
Accrued compensation due to the Chief Financial Officer		533,000
Accrued compensation due to the Chief Executive Officer		2,139,000
	$	6,716,000

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