Note 14 - Related Party Transactions

12 Months Ended

Dec. 31, 2012

Related Party Transactions Disclosure [Text Block]

Note 14 – Related Party Transactions

The general counsel for the Company is also a director. The Company incurred legal fees for his professional services of approximately $35,000 for the year ended December 31, 2011. As of December 31, 2012 and 2011, the Company owed the general counsel approximately $35,000. On February 18, 2011, we entered into an Employment Agreement to employ Mr. Teitelbaum as our General Counsel beginning May 16, 2011.

Charles Temple, son of Alan H. Temple Jr., an outside director who retired from his directorship, in September 2011, is a non-officer employee of the Company. The Company paid Charles Temple approximately $135,100 and $134,100 in salary and bonuses during the fiscal years ending December 31, 2012 and 2011 respectively.

The Company maintains bank accounts and deposits cash in Community National Bank. Conrad Gunther, a director of the Company, is a Senior Vice President and Senior Loan Officer at Community National Bank. The Company does not pay any fees to Mr. Gunther or Community National Bank in connection with this investment vehicle.