RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

9 Months Ended

Sep. 30, 2013

Related Party Transactions [Abstract]

Schedule of Related Party Transactions [Table Text Block]

Transactions

	Nine Months Ended September 30,
	2013		2012
Compensation and related expenses to the Chairman (1)	$	22,000	$	222,000
Compensation to the Chief Financial Officer (2)		22,000		90,000
Cash advance from Royal HTM Group, Inc. (3)		109,000		135,000
Business development services (4)		-		33,000
	$	153,000	$	480,000

1)	Boris Birshtein serves as the Company’s Chairman of the Board of Directors (the “Chairman”) and its Chief Executive Officer. Mr. Birshtein owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
2)	Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer. Mr. Braverman owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
3)	Although it is under no obligation to do so, Royal HTM Group, Inc., a Canadian company owned by Messrs Birshtein and Braverman, lends funds to the Company (and advances funds on its behalf) to cover the Company’s on-going expenses.
4)	Royal HTM Group, Inc. renders certain business development services to the Company. During the 2012 fiscal year, the monthly fee for such services was $2,500, together with a quarterly expense allowance of $5,000. Effective January 1, 2013 the Company no longer accrues any fees or expenses related to such business development services.

Schedule of Related Party Payables [Table Text Block]

As of September 30, 2013, payables to related parties consist of the following:

Amount due to Royal HTM Group, Inc.	$	3,736,000
Accrued compensation due to the Chief Financial Officer		503,000
Accrued compensation due to the Chairman		2,109,000
	$	6,348,000