Commitments and Contingencies

12 Months Ended

Dec. 31, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

19.  Commitments and Contingencies

Commitments:  The Company has an employment agreement with its Chief Executive Officer, which expires in February 2015.  At December 31, 2013, the aggregate commitment for future salaries, excluding bonuses, was approximately $309,000.  Contractual salaries expense was $382,000 and $351,000 for the years ended December 31, 2013 and 2012, respectively.

Contingencies:  The Company is subject to legal proceedings and claims which arise in the ordinary course of its business and/or which are covered by insurance. The Company believes that it has accrued adequate reserves individually and in the aggregate for such legal proceedings. Should actual litigation results differ from the Company’s estimates, revisions to increase or decrease the accrued reserves may be required. Our former outside legal counsel had brought a claim against us for $593,000 plus interest, which we have settled subsequent to the end of the year for $600,000. The liability is included in Accrued liabilities on the Consolidated Balance Sheet at December 31, 2013. Of the settlement, $275,000 was paid in April 2014, with the remainder due in monthly installments over the next 2 years.  

Operating leases:  Certain premises are occupied under operating leases that expire at varying dates through 2016.  Certain of these leases provide for the payment of real estate taxes and other occupancy costs.  Future minimum lease payments due under operating leases at December 31, 2013 aggregating $356,000 are as follows: $261,000 - 2014, $54,000 – 2015, $41,000 – 2016.  Rent expense was $346,000 and $327,000 for the years ended December 31, 2013 and 2012, respectively.