Annual report pursuant to Section 13 and 15(d)

DEFERRED REVENUE

DEFERRED REVENUE	12 Months Ended
Dec. 31, 2014
Notes to Financial Statements
Note 6 - DEFERRED REVENUE	In 2013 and 2014, the Company has granted license and sub-license agreements (Agreements) for various regions or States in the United States allowing the licensee to market, distribute and sell solely in the defined license territory, as defined, the products provided by the Company. The agreements are granted for a defined period or perpetual and are effective as long as annual milestones are achieved. Terms for payments for licensee agreements vary from full cash payment to defined terms. In cases where license or sub-license fees are uncollected or deferred; the Company nets those uncollected fees with the deferred revenue for balance sheet presentation. The Company amortizes license fees over the shorter of the economic life of the related contract life or contract terms for each licensee. The remaining unamortized aggregate balance of deferred revenue as of December 31, 2014 and 2013 was $1,917,026 and $934,593, respectively.

DEFERRED REVENUE

12 Months Ended

Dec. 31, 2014

In 2013 and 2014, the Company has granted license and sub-license agreements (Agreements) for various regions or States in the United States allowing the licensee to market, distribute and sell solely in the defined license territory, as defined, the products provided by the Company. The agreements are granted for a defined period or perpetual and are effective as long as annual milestones are achieved.

Terms for payments for licensee agreements vary from full cash payment to defined terms. In cases where license or sub-license fees are uncollected or deferred; the Company nets those uncollected fees with the deferred revenue for balance sheet presentation.

The Company amortizes license fees over the shorter of the economic life of the related contract life or contract terms for each licensee. The remaining unamortized aggregate balance of deferred revenue as of December 31, 2014 and 2013 was $1,917,026 and $934,593, respectively.