Quarterly report pursuant to sections 13 or 15(d)

13. Related Party Transactions

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13. Related Party Transactions
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
13. Related Party Transactions

In addition to the debt and equity transactions discussed in notes 7 and 8, the Company’s Desk Space Use and Occupancy Agreement that was entered into on March 29, 2011 with an entity affiliated with Marvin Rosen continues to be in effect on a month to month basis. Under the terms of the agreement, this affiliate utilizes a portion of the Company’s leased office space in New York City for a fee of $9,000 per month. As of June 30, 2012, the Company had received $54,000 of advance payments in connection with this agreement, which is reflected in accounts payable and accrued expenses in the Company’s consolidated balance sheet. The Company believes that the terms of this agreement are comparable to those it would otherwise receive had the agreement been negotiated at arms’ length.