XML 46 R16.htm IDEA: XBRL DOCUMENT v2.4.0.8
Related Party Transactions
3 Months Ended
Mar. 31, 2013
Related Party Transactions  
Note 10 - Related Party Transactions

During the three months ended March 31, 2013 and 2012, a director was paid $0 and $13,800 for general financial and business consulting. Beginning July 1, 2013, the director is to be paid $3,000 per month and is entitled to expense reimbursements as compensation for serving on the Company’s Board committees.

 

From March 2011 to April 2013, a wife of a director served as the agent for the Company's D&O insurance. During the three months ended March 31, 2013 and 2012, the Company recorded insurance premium expense of $14,100 and $11,750, respectively.

 

See Note 7 – Stockholders’ Deficiency – Common Stock for details regarding the exchange of common stock and warrants in satisfaction of related party notes payable, advances and accounts payable.