Defined Benefit Plan

9 Months Ended

Sep. 30, 2012

Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract]

Defined Benefit Plans Disclosures [Text Block]

12. Defined Benefit Plan

The Company had a noncontributory defined benefit pension plan, which covered substantially all of its employees. The plan provided monthly retirement benefits commencing at age 65. Effective February 28, 2009, the Company “froze” or suspended future benefit accruals under the plan. On November 5, 2010, the Company notified participants of its intention to terminate the plan in a standard termination with a proposed termination date of January 7, 2011. In order to terminate the plan and pay the distributions required, the Company fully funded a total of $3,320,932 to the plan, and no further funding is required. The plan was totally liquidated during 2011 and no future pension obligation existed at December 31, 2011.

The termination resulted in the Company recognizing a one-time non-cash expense of $4,439,835 associated with recognizing of unamortized actuarial loss.