Related party transactions

12 Months Ended

Dec. 31, 2014

11. Related party transactions

The Company incurred the following amounts to companies that are principally owned by executives, directors or stockholders of the Company or their families:

	Year ended December 31,
	2014		2013		2012
Rent	$	503,995	$	422,882	$	500,785
Consulting and professional fees		9,103		56,986		132,103

Rent was paid to BDP Realty Associates LLC, a company in which our former chief executive officer and Chairman of the Board of Directors, Philip Beck has a one-third (1/3rd) interest. See footnote 19 for further information.

Consulting and professional fees were paid to a professional services company where a family member of Philip Beck has a substantial interest but Mr. Beck does not have any financial interest in such company.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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