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Commitments and Contingencies
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9 Months Ended |
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Sep. 30, 2014
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| Commitments and Contingencies [Abstract] | |
| COMMITMENTS AND CONTINGENCIES |
NOTE 11 – COMMITMENTS AND CONTINGENCIES
On March 20, 2014, the Company entered into a consulting agreement with Wall Street Relations, Inc. (the “Consultant”). Under the agreement, the Consultant agreed to provide to the Company public relations, communications, advisory and consulting services. The term of the agreement is 12 months. For the services to be rendered under the agreement, the Company paid to the Consultant $500,000 in cash. On June 20, 2014, the Company terminated the agreement because of the Consultant’s failure to perform its obligations under the agreement. The Company is currently pursuing its options to obtain reimbursement of the fee paid to the Consultant under the agreement. As a result, the Company recorded a write off of the prepayment of approximately $320,000 for the three months ended September 30, 2014.
The Company is subject to various legal proceedings from time to time as part of its business. As of September 30, 2014, the Company was not currently party to any legal proceedings or threatened legal proceedings, the adverse outcome of which, individually or in the aggregate, it believes would have a material adverse effect on its business, financial condition and results of operations. |