Related party transactions

12 Months Ended

Dec. 31, 2015

11. Related party transactions

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


	Year ended December 31,
	2015		2014		2013
Rent	$	90,887	$	503,995	$	422,882
Consulting and professional fees		1,929		9,103		56,986

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

In February 2015, Philip Beck ceased to serve as the Company’s Chairman of the Board and as a director. The Company’s related party expense for 2015 is for the two months Philip Beck was Chairman of the Board of Directors.

- 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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