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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2013
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

 

13. RELATED PARTY TRANSACTIONS

 

An officer of the Company is a partner of a public accounting firm providing nonaudit accounting services to the Company. For the years ended December 31, 2013 and 2012, the Company incurred fees of $80,140 and $69,246, respectively, to the accounting firm for accounting and tax services.

 

The Company rented space from a Company that is owned by two officers of the Company up until February 17, 2013, the effective date of the lease for space in Great Neck, New York. For the years ended December 31, 2013 and 2012, rent paid was $31,175 and $40,154, respectively.

 

As a result of then existing cash shortages, from time to time during the year ended December 31, 2012, certain officers/stockholders advanced from their personal funds amounts due by the Company for outstanding invoices and costs. Such amounts which were repaid without interest aggregated approximately $28,000 in 2012, exclusive of normal travel and entertainment reimbursements.