If a person invested 拢15,000 into my business with no contracts, nothing on paper, where do they stand..?

I accepted an investment of 拢15,000 into my business the money was for development of new products..which is where every penny has been directed for the purpose of new product..but as yet,we have not shown any results, neither do I do not expect any either for the next 12 months..this was made clear from the start, this was a long term project..
Now the person in question wants his Dosh back..! and there is nothing at this stage to give back..where do I stand, there was nothing other than a hand shake, no paper work.. nothing other than good will on both sides,

This depends on what your agreement was for, did you borrow money or did he invest for the expectation of a future profit or did he buy part of the business. What he gets, since there was nothing in writing, also depends on hte the value of your word!

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I think brer buffalo got it dead on