Attached files

file filename
EXCEL - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.Financial_Report.xls
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R2.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R5.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R6.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R8.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R4.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R3.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R1.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R9.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R10.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R17.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R12.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R18.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R24.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R13.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R22.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R19.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R21.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R20.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R16.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R23.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R14.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R25.htm
EX-3.1 - Q Therapeutics, Inc.ex3-1.htm
EX-3.2 - Q Therapeutics, Inc.ex3-2.htm
EX-32.1 - Q Therapeutics, Inc.ex32-1.htm
EX-32.2 - Q Therapeutics, Inc.ex32-2.htm
EX-14.1 - Q Therapeutics, Inc.ex14-1.htm
EX-31.2 - Q Therapeutics, Inc.ex31-2.htm
EX-31.1 - Q Therapeutics, Inc.ex31-1.htm
10-Q - Q Therapeutics, Inc.form10q.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R7.htm
XML - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.R15.htm
v2.4.0.6
Commitments and Contingencies
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

4. Commitments and Contingencies  

License and Royalty Agreements

In September 2012, the Company entered into two separate license agreements with one company (the “licensor”) whereby the Company has been granted two non-exclusive sub-licenses to make, have made and use the licensor’s intellectual technology. Each license agreement required an initial payment of $85,000, as well as an annual license fee of $5,000 per year. Additionally, the agreement allows the Company to purchase product on a per unit basis. No purchase commitments have been entered into at this time. The term of the license agreements is consistent with the term of the patents.

       
     

Asset Purchase Agreement

On March 26, 2012, Q Holdings, Inc., Q Therapeutics, Inc. and NeuroQ Research, Inc. executed an agreement to acquire certain intellectual property and technology. The agreement is milestone based and, if the milestones are achieved in 2012, it will provide the Company with manufacturing protocols for several types of neural cells. Upon achieving certain milestones, the Company will issue up to 400,000 shares of common stock, 400,000 common stock warrants with an exercise price of $1 per share and 400,000 common stock warrants with an exercise price of $2 per share to be issued as intellectual property and technology are delivered to the Company. In April 2012, the Company issued 10,000 shares of common stock, 10,000 common stock warrants with an exercise price of $1 per share, and 10,000 common stock warrants with an exercise price of $2 per share as initial payment for transfer of intellectual property.

       
     

Research Agreement

On March 27, 2012, the Company executed an agreement for outside research study services. The total contract price is $237,400 and the Company is required to make certain payments under the agreement as milestones are met. A separate agreement with the services provider allows the Company to pay 25% of the invoiced amount in cash and allows the balance to be financed and recorded as a loan to be paid over the following 36-60 months. The note is secured by a pledge to the Company’s assets, excluding its intellectual property. Interest is being recorded at 8% annually. The total amount invoiced to date is $142,400 and payments of $35,600 were made in May 2012. As of September 30, 2012, the balance outstanding is $110,360, of which $106,800 is principal and $3,560 is accrued interest. In October 2012, the contract price was amended to $337,500. The agreement is expected to conclude in 2013.

       
     

Operating Leases

The Company leases its office and lab facility under a non-cancelable operating lease. The current lease was renewed effective April 1, 2011 and expires in March 2013. The minimum future lease payments under this operating lease as of September 30, 2012 total $27,721 due during the year ending December 31, 2012 and $27,721 due during the year ending December 31, 2013.

 

Lease expense under operating leases was $27,721 and $26,913 for the three months ended September 30, 2012 and 2011, respectively. Lease expense under operating leases was $82,355 and $79,956 for the nine months ended September 30, 2012 and 2011, respectively.