Related Party Transactions

3 Months Ended

Mar. 31, 2016

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

(3) RELATED PARTY TRANSACTIONS

At March 31, 2016, the Company had loans and notes outstanding from a shareholder in the aggregate amount of $482,882, which bears interest at 6% per annum and represents amounts loaned to the Company to pay the Company’s operating expenses. On December 31, 2015, the Payee under the Note and the Company agreed to extend the maturity date of the Note to December 31, 2016. The Company recorded interest on the Note for the three-month period ended March 31, 2016 of $6,998. As of March 31, 2016, the Company had recorded an aggregate of $118,917 interest expense on the Note, none of which has been paid

Pursuant to a Services Agreement with Fountainhead Capital Management Limited (“FHM”), a shareholder who holds approximately 83.68% of the Company’s issued and outstanding common stock, the Company is obligated to pay FHM a quarterly fee in the amount of $10,000, in cash or in kind, on the first day of each calendar quarter commencing October 1, 2007. The Services Agreement currently runs through December 31, 2016. Total fees paid to FHM for the three-month period ended March 31, 2016 was $10,000.