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NOTE 7 - RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2017
Related Party Transactions [Abstract]  
NOTE 7 - RELATED PARTY TRANSACTIONS

NOTE 7 - RELATED PARTY TRANSACTIONS

 

On May 16, 2011, the Company transferred, through a spin-off to its then wholly owned subsidiary, Worlds Online Inc., now called MariMed Inc., the majority of its operations and related operational assets. The Company retained its patent portfolio which it intends to continue to increase and to more aggressively enforce against alleged infringers. The Company also entered into a License Agreement with MariMed Inc. to sublicense its patented technologies.

 

Due to and Due from related party is comprised of cash payments for operating expenses made by MariMed Inc. on behalf of Worlds Inc. for the year ended December 31, 2016 and the balance at December 31, 2017 represents payments made by Worlds Inc. on behalf of MariMed Inc. The due from related party balance at December 31, 2017 is $15,998 and at December 31, 2016 the balance in the due to related party is $5,053. The balance in the accrued expense and accounts payables attributable to related parties is $871,463 and $742,032 at December 31, 2017 and 2016, respectively.