Prepaid Drug Product for Testing

3 Months Ended

Mar. 31, 2014

Prepaid Drug Product For Testing [Abstract]

Prepaid Drug Product for Testing

3. Prepaid Drug Product for Testing

Advance payments, including nonrefundable amounts, for goods or services that will be used or rendered for future R&D activities are deferred and capitalized. Such amounts will be recognized as an expense as the related goods are delivered or the related services are performed. The Company incurred installments to its contract drug manufacturing and raw material suppliers totaling $51,364 in late 2013 pursuant to a Drug Supply Contract (See Note 9.) for the manufacture and delivery of the Company’s lead drug product for testing in a Phase I clinical trial. This amount was carried on the Balance Sheet as of December 31, 2013 at cost as Prepaid Drug Product for Testing. The Company incurred additional installment costs with the total costs incurred totaling $249,056 being carried on the Balance Sheet as of March 31, 2014 as Prepaid Drug Product for Testing (See Note 9.).