Transactions with Related Parties

6 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

Note 8 – Transactions with Related Parties

Ms. Laura A. Marriott serves as our Chairperson of the Board of Directors and Chief Executive Officer. In addition to her compensation as a non-executive member of our Board, Ms. Marriott is compensated as our Chief Executive Officer under a consulting agreement for which she received $105,600 and $205,600 in compensation from us during the three and six months ended June 30, 2012, respectively.

Mr. George G. O’Leary serves as a member of the Board of Directors and as Chief Operating Officer. Mr. O’Leary is also the Chairman of our Audit Committee. In addition to his compensation as a member of our Board, Mr. O’Leary is compensated as our acting Chief Operating Officer under a consulting agreement for which he received $5,920 and $11,760 in compensation from us during the three and six months ended June 30, 2012, respectively.

Mr. Barry S. Baer serves as Chief Financial Officer. Mr. Baer is compensated as our Chief Financial Officer under a consulting agreement for which he received $22,122 and $35,247 in compensation from us during the three and six months ended June 30, 2012, respectively.

 Subsequent Event:

On July 23, 2012, the Board approved the issuance, under our 2011 Stock Incentive Plan, of four option agreements (each for 25,000 shares of our common stock) to each member of the Board of Directors, at an exercise price of $0.008 per share. Each of these grantees’ options vest over four years from the date of the grant.