Quarterly report pursuant to sections 13 or 15(d)

16. Related Party Transactions

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16. Related Party Transactions
9 Months Ended
Sep. 30, 2013
Notes to Financial Statements  
14. Related Party Transactions

Upon the closing of the acquisition of NBS on October 29, 2012, the purchase price was adjusted for an additional amount payable to the Sellers of NBS of approximately $1.1 million following the application of certain working capital adjustments as set forth in the purchase agreements.  Approximately $668,000 and $1,159,000 remained outstanding to the Sellers of NBS as of September 30, 2013 and December 31, 2012, respectively.  These amounts, which include accrued and unpaid interest of $49,710 and $0 at September 30, 2013 and December 31, 2012, respectively, are reflected in Related party payable in the accompanying consolidated balance sheets.

 

In addition to the debt and equity transactions discussed in notes 8 and 9, 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 on a month to month basis.  Under the revised terms of the agreement, this affiliate utilizes a portion of the Company’s leased office space in New York City for a fee of $3,000 per month.