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EXCEL - IDEA: XBRL DOCUMENT - Q Therapeutics, Inc.Financial_Report.xls
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v2.4.0.6
Related-Party Transactions
9 Months Ended
Sep. 30, 2012
Related Party Transactions [Abstract]  
Related-Party Transactions

5. Related-Party Transactions  

Note From Stockholders

The Company has a note receivable from two minority stockholders that totaled $27,738 on September 30, 2012. For each month of nonpayment, the stockholders forfeit a certain number of shares of Common Stock of the Company, up to 200,000 shares. As of September 30, 2012, 150,000 shares had been forfeited.

       
      On January 9, 2010, the Company entered into an unsecured note payable agreement with a stockholder for $15,000 with an annual interest rate of 6% and a maturity date of December 31, 2010. The note was repaid on February 29, 2012.
       
     

Right of First Negotiation

Pursuant to an agreement (“Agreement”) the Company has irrevocably granted a stockholder with a right of first negotiation to license certain technology of the Company related to Q-Cell®. The term of the Agreement is for a period of the later of (i) 3 years from the effective date of the Agreement (October 6, 2011) or (ii) 6 months after the date of completion of certain dosing of the technology.