Other Related Party Transactions

9 Months Ended

Sep. 30, 2014

Related Party Transactions [Abstract]

Other Related Party Transactions

NOTE K — OTHER RELATED PARTY TRANSACTIONS

During the three months ended September 30, 2014 and 2013, Steven C. Jones, a director of the Company, earned approximately $67,000 and $62,500, respectively, for various consulting work performed in connection with his duties as Executive Vice President of Finance. During the nine months ended September 30, 2014 and 2013, Steven C. Jones, a director of the Company, earned approximately $197,000 and $187,500, respectively, for various consulting work performed in connection with his duties as Executive Vice President of Finance. Mr. Jones received a $25,000 bonus for his work with respect to the $9.2 million equity raise during the nine months ended September 30, 2013. Mr. Jones also received $47,500 and $80,000 during the nine months ended September 30, 2014 and 2013 for his work on the equity raise described above and as payment of his annual bonus compensation for the previous fiscal years, respectively.