Annual report pursuant to section 13 and 15(d)

23. Related Party Transactions

v2.4.0.8
23. Related Party Transactions
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
23. 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 $226,000 and $1,159,000 remained outstanding to the Sellers of NBS as of December 31, 2013 and December 31, 2012, respectively. These amounts are reflected in Related party payable in the accompanying consolidated balance sheets.

 

In addition to the financing transactions discussed in notes 13 and 14, 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.As of December 31, 2013 and 2012, the Company had received $0 and $22,500 of advance payments in connection with this agreement, which is reflected in accounts payable and accrued expenses in the Company’s consolidated balance sheet.