Annual report pursuant to section 13 and 15(d)

20. Gain on Extinguishment of Accounts Payable

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20. Gain on Extinguishment of Accounts Payable
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
20. Gain on Extinguishment of Accounts Payable

In June of 2013, pursuant to the advice of counsel and based on applicable laws, the Company determined that it no longer had any liability pertaining to a trade payable associated with the Carrier Services business segment in the amount $2,908,882. As a result, the Company derecognized the payable from its consolidated balance sheet and recorded a corresponding gain on the extinguishment of debt, net of legal fees in the amount of $25,222.