Lumos Labs has built its brand on allegedly unfounded claims that its popular "brain training" program, Lumosity, can improve memory and thinking skills...and now the the company is paying for it.

The company agreed to pay $2 million to settle Federal Trade Commission (FTC) charges alleging that they deceived consumers, BrainDecoder reported.

Since its inception in 2005, the Lumosity brain training program has grown exponentially, gaining 50 million users by 2013, by advertising that their brain training games can sharpen cognitive function, and reduce or delay cognitive impairment associated with age and other serious health conditions. Their online and mobile app subscriptions range from monthly (14.99) to lifetime ($299.92) memberships, according to the FTC.

“Lumosity preyed on consumers’ fears about age-related cognitive decline, suggesting their games could stave off memory loss, dementia, and even Alzheimer’s disease,” Jessica Rich, director of the FTC’s Bureau of Consumer Protection, said in a statement. “But Lumosity simply did not have the science to back up its ads.”

In their complaint, FTC states that each of Lumosity’s more than 40 cognitive games purports to target a specific brain area, and recommend that users train with it for approximately 10 to 15 minutes three or four times a week to achieve their “full potential.” The FTC also said consumer testimonials on the company’s website had been solicited through “contests that promised significant prizes, including a free iPad, a lifetime Lumosity subscription, and a round-trip to San Francisco. ”

In an effort to defend its service, Lumos Labs released a statement saying they have made significant contributions to the science community and they only agreed to the settlement so that they can “continue delivering its research-based cognitive training platform to millions of active and future users,” according to Mashable.

“Our focus as a company has not and will not change: We remain committed to moving the science of cognitive training forward and contributing meaningfully to the field's community and body of research,” Lumos Lab officials said in a statement.

Questions about the efficacy and validity of this app slash game arose in 2014 after researchers from the Stanford Center on Longevity said there’s no scientific evidence that this brain training program work. They claim that Lumosity’s “cited research is only tangentially related to the scientific claims of the company, and to the games they sell.”

As part of the settlement, Lumos Labs, which has more than 70 million registered users, will notify their subscribers of the FTC charges and provide them with an easy way to cancel their auto-renewal to avoid future billing as part of the settlement.