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Related Parties
6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
Related Parties

NOTE 7 - Related Parties

 

The Company paid rent during 2011 and 2010 to a company affiliated with the Chief Executive Officer. The rent paid was substantially the same as that of the affiliate's lease agreements with the landlord. Rent expense for the three months ended June 30, 2011 and June 30, 2010 was approximately $35,000 and $33,000, respectively.

 

Throughout 2011 and 2010, the Company's principal shareholder and officer made loans to, and payments on behalf of, the Company and received payments from the Company from time to time. The net outstanding balance due to the officer at June 30, 2011 and December 31, 2010 was approximately $1,246,000 and $1,099,000, respectively.

 

No legal services were rendered by Mr. Huston or his firm in 2011 and 2010; and no fees were paid to Mr. Huston or his firm in 2011.