Related Party Transactions

12 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Related Party Transactions

7. Related Party Transactions

We incurred $52,132 and $21,902 in legal fees during the years ended December 31, 2011 and 2010, respectively, for services provided by Breslow & Walker, LLP in which Howard S. Breslow, a director and stockholder of the Company, is a partner. At December 31, 2011 and 2010, accounts payable included $22,631 and $149, respectively, due to Breslow & Walker, LLP for services rendered.

We incurred $56,000 and $96,000 in consulting fees during the years ended December 31, 2011 and 2010, respectively, to Roderick de Greef, a director of the Company, for the task of overseeing the Company’s financing activities, internal accounting functions and SEC reporting, and assisting in the search for, and reviewing, strategic alternatives, on a part-time basis. At December 31, 2011 and 2010, accounts payable included $2,500 and $0, respectively, due to Mr. de Greef for services rendered.

The agreement with Mr. De Greef was terminated in August of 2011.