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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2012
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| Related Party Transactions [Abstract] | |
| RELATED PARTY TRANSACTIONS |
We lease our offices from a related party that is related to our CEO. The lease was entered into effective September 1, 2010 for a period of two years requiring a monthly rental payment of $10,359. Our lease expired at the end of August 2012 and is currently on a term of month-to-month.
We paid legal fees directly to the law firm retained by our CEO. The law firm was engaged in 2009, 2010 and 2011 for the express purpose of defending the Sherron litigation. We believed this strategy to vacate the underlying judgment was a faster, surer and less expensive method to defend the Sherron litigation, than other alternatives available to us. Total fees from this law firm charged to expense were $0 and $61,887 for 2012 and 2011, respectively. We anticipate no further legal fees pertaining to the Sherron litigation as a result of the settlement. See Note 11.
We have a note receivable from a related party totaling $388,261 and $391,940 at December 31, 2012 and 2011, respectively. See Note 3.
We have a note payable to a related party. See Note 10.
Certain administrative, accounting and legal support services are performed by a related party of the CEO. We accrued or paid fees to the related party in the amount of $29,875 and $24,175 in the years ended December 31, 2012 and 2011, respectively.
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- Definition
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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