|
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
|---|---|
|
Mar. 31, 2015
|
|
| Notes to Financial Statements | |
| Note 16 - COMMITMENTS AND CONTINGENCIES |
Potential Acquisitions
The Board of Directors of the Company authorized the execution of a letter of understanding dated December 30, 2013 (the Letter of Understanding) with Trinity Rx Solutions LLC (Trinity Rx) and Sal Amodeo, the sole member of Trinity Rx (Amodeo).
The Company is involved in establishing alcohol rehabilitation and treatment centers and has created certain alcohol therapeutic and rehabilitation programs (the Counseling Programs) consisting of a Naltrexone implant that is placed under the skin in the lower abdomen coupled with life counseling sessions. The Naltrexone implant formula is owned by Trinity Rx. The Company entered into an exclusive license dated September 7, 2010 (the License Agreement) with Trinity Rx. In accordance with the terms and provisions of the License Agreement, Trinity Rx provides to the Company the Naltrexone Implant that has been designed for alcoholism.
As of March 31, 2015, the above described acquisition has not closed. The total aggregate payments of the $57,404 in refundable deposits is reflected in the Companys balance sheet as short term deposits as of March 31, 2015 and December 31, 2014. |