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NOTE 9 - RELATED PARTY TRANSACTIONS
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9 Months Ended |
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Sep. 30, 2013
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| Related Party Transactions [Abstract] | |
| NOTE 9 - RELATED PARTY TRANSACTIONS |
NOTE 9 – RELATED PARTY TRANSACTIONS The Company was formed on January 25, 2011 as a wholly-owned subsidiary of Worlds Inc. (formerly known as Worlds.com Inc.). On May 16, 2011 Worlds Inc. transferred to the Company the majority of its operations and related operational assets, except for its patent portfolio. Worlds Inc. has also given to the Company a perpetual world-wide license to its patented technology. Pursuant to the license, the Company has the right to issue sublicenses to the licensed technology, subject to Worlds Inc.’s reasonable consent.
The assets transferred to the Company include: Worlds Inc.’s technology platform, Worlds Ultimate Chat, Aerosmith World, DMC Worlds, Cinema Virtual, Pearson contracts and related revenue, the following URLs: Worlds.com, Cybersexworld.com, Hang.com, and Worldsfunds.com, a digital inventory of over 10,000 3D objects, animation sequences, an extensive avatar library, texture maps and virtual world architectures. None of the transferred assets have any carrying value on the financial statements of the Company. Deferred revenue was also transferred from Worlds Inc. and it was $226,950 at September 30, 2013 and 2012.
Account payable related party is comprised of cash payments made by Worlds Inc. on behalf of Worlds Online Inc. for shared operating expenses. The balance due at September 30, 2013 is $262,681. Included in the accompanying Balance Sheets at September 30, 2013 and December 31, 2012 is $262,681 and $134,653, respectively, payable to Worlds Inc. for payments due on shared expenses. |