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RELATED PARTY TRANSACTIONS
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Note 10. RELATED PARTY TRANSACTIONS

During the year ended December 31, 2010, we contracted with SEC Connect, whose principal was the Company’s Interim Chief Executive Officer and the current Executive Chairman of the Board of Directors, to provide the Company with filing services. For the year ended December 31, 2011, we paid SEC Connect $3,405 in fees. We believe the terms of this agreement are no less favorable to us than we could have obtained from an unaffiliated party.

 

Until May 2010, we leased an office, located at 480 South Holly Street, Denver, Colorado, from the father of Sanford D. Greenberg, our founder and former Chairman, for $4,050 per month. The lease expired on March 31, 2006, with an automatic monthly extension right and a two month notice period for the Company to terminate the lease. We paid $25,820 in 2010 related to this lease.

 

Our Board of Directors approved each of these arrangements.