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RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2013
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

15. RELATED PARTY TRANSACTIONS

 

An officer of the Company is a partner of a public accounting firm providing nonaudit accounting services to the Company. For the three and nine months ended September 30, 2013, the Company incurred costs of $20,000 and $60,000, and for the three and nine months ended September 30, 2012, the Company incurred costs of $12,000 and $41,000, respectively, for accounting and tax services.

 

The Company rented space from a Company that is owned by two officers of the Company up until February 17, 2013, the effective date of the lease for space in Great Neck, New York.  Related party rent expense was $0 and $0 for the three and nine months ended September 30, 2013, and $24,000 and $40,154 for the three and nine months ended September 30, 2012, respectively.

 

As a result of then existing cash shortages, from time to time certain officers/stockholders advanced from their personal funds amounts due by the Company for outstanding invoices and costs. Such amounts which were repaid without interest aggregated approximately $28,000 as of December 31, 2012 and $0 as of September 30, 2013, exclusive of normal travel and entertainment reimbursements.