NOTE 8 - RELATED PARTY TRANSACTIONS |
6 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Related Party Transactions [Abstract] | |
| NOTE 8 - RELATED PARTY TRANSACTIONS |
NOTE 8 – 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 unlimited sublicenses to the licensed technology, subject to World 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 of $226,950 at June 30, 2015 and December 31, 2014 was transferred from Worlds, Inc.
Due from related party is comprised of cash payments made by the Company on behalf of Worlds Inc. for shared operating expenses in 2015. The balance at June 30, 2015 is a receivable due from Worlds Inc. in the amount of $45,984. The remaining balance in the account are balances due from Sigal Health and Sigal Holdings related to the transfer of all balances in the acquisition of Sigal Consulting LLC. Included in the accompanying Balance Sheets at June 30, 2015 is the account due from related party of $69,329 and for December 31, 2014, of $59,486. |