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RELATED PARTY TRANSACTIONS
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12 Months Ended |
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Dec. 31, 2011
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| Notes to Financial Statements | |
| RELATED PARTY TRANSACTIONS |
We lease our offices from a related party that is related to our CEO.
We paid legal fees directly to the law firm retained by our CEO. The law firm was employed 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 $61,887 and $42,632 for 2011 and 2010, respectively. We anticipate no further legal fees pertaining to the Sherron litigation as a result of the settlement. See Note 10.
We have a note receivable from a related party totaling $391,940 and $420,450 at December 31, 2011 and 2010, respectively. See Note 3.
We received working capital loans from GGLLC, a related party, in 2008 and 2007. In 2011, the loans were fully paid. See Note 9.
In 2011, we paid fees in the amount of $13,950 for administrative services to a company controlled by the wife of our CEO. |