RELATED PARTIES

12 Months Ended

Dec. 31, 2013

RELATED PARTIES [Abstract]

RELATED PARTIES

NOTE 13 – RELATED PARTIES

David A. Taft, a director, is the president of IBS Capital LLC (“IBS”), a Massachusetts limited liability company, whose principal business is investing in securities.  IBS is the general partner of the IBS Turnaround Fund (QP), which is a Massachusetts limited partnership, IBS Turnaround Fund (LP), which is a Massachusetts limited partnership and the IBS Opportunity Fund, Ltd.  Set forth below are purchases of Common Stock from the Company by the funds since January 1, 2011:

Date of Purchase	The IBS Turnaround Fund (QP) (A  Limited Partnership)		The IBS  Turnaround Fund (LP) (A Limited  Partnership)		The IBS  Opportunity Fund,  Ltd.		Price  Per Share
March 28, 2011		1,385,000		459,000		656,000	$	0.80
June 27, 2011		706,000		205,000		338,750	$	1.60

The above sales of shares of common stock were used to fund the Company’s operations.  The stock sold on March 28, 2011 was priced at the closing price of the Company’s common stock on March 25, 2011. The stock sold on June 27, 2011 was priced at a slight premium to the closing price of the Company’s common stock on June 24, 2011.

The Company is a related party to Material Advisors (“MA”), an entity with which the Company previously had a management agreement for executive services.  See Note 15 for further details.