Commitments and Contingencies |
9 Months Ended | |
|---|---|---|
Sep. 30, 2016 | ||
| Commitments and Contingencies Disclosure [Abstract] | ||
| Commitments and Contingencies Disclosure [Text Block] |
Note 7 - Commitments and Contingencies
Leases
The Company is not a party to any leases for office space or equipment.
Litigation
On January 15, 2016, Dr. Winson Tang (“Plaintiff”) filed a Complaint against the Company in the Superior Court of the State of California, County of Los Angeles. Winson Tang v. Lindsay Rosenwald et al, Case No. BC607346. As amended, the complaint alleged that Dr. Tang was a third party beneficiary of the Company's Exclusive License Agreement with COH and should be awarded 15% of the Company's outstanding shares. After the Company and other defendants demurred, the court sustained the demurrer and dismissed all claims without prejudice on September 13, 2016. Dr. Tang filed his second amended complaint on October 11, 2016, and Defendants' renewed demurrer will be heard on December 16, 2016. As of September 30, 2016, the Company has not accrued any losses in connection with this litigation as the Company believes that Plaintiff's claims are without merit and intends to vigorously defend this lawsuit. Even in the event of an adverse determination, Fortress and the Company intend to satisfy any judgment from sources other than newly issued shares of the Company to prevent dilution. |