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RESTRUCTURING AND OTHER CHARGES
6 Months Ended
Jun. 30, 2011
Restructuring and Related Activities Disclosure [Text Block]

 

 

10.

RESTRUCTURING AND OTHER CHARGES


          In March 2009, the Company announced and implemented a reorganization plan, including an approximate 8% reduction in the Company’s workforce, to align the Company’s resources with its strategic business objectives. Additionally, effective March 21, 2009, the Company’s then Chief Executive Officer tendered his resignation, effective May 8, 2009, the Company’s then Chief Financial Officer tendered his resignation, and in December 2009, the Company sold its Promotions.com subsidiary and entered into negotiations to sublease certain office space maintained by Promotions.com. As a result of these activities, the Company incurred restructuring and other charges from continuing operations of approximately $3.5 million during the year ended December 31, 2009.


          The following tables display the activity of the restructuring and other charges reserve account during the six months ended June 30, 2011 and 2010:


 

 

 

 

 

 

 

 

 

 

For the six Months Ended June 30,

 

 

 


 

 

 

2011

 

2010

 

 

 


 


 

Beginning balance

 

$

844,761

 

$

1,230,056

 

Payments

 

 

56,764

 

 

300,399

 

 

 



 



 

Ending balance

 

$

787,997

 

$

929,657