Quarterly report pursuant to sections 13 or 15(d)

12. Other Income and Expenses

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12. Other Income and Expenses
6 Months Ended
Jun. 30, 2012
Notes to Financial Statements  
12. Other Income and Expenses

Other expenses (income) for the three and six months ended June 30, 2012 and 2011 consists of the following:

 

    Three months ended June 30,     Six months ended June 30,  
    2012     2011     2012     2011  
                                 
Extinguishment of vendor liabilities   $ -     $ -     $ -     $ (75,000 )
Loss on sale of accounts receivable     93,661       -       168,814       -  
Other     (2,267 )     (21,134 )     (7,971 )     (34,829 )
Total operating expenses     91,394       (21,134 )     160,843       (109,829 )

 

On February 10, 2011, the Company executed a settlement agreement with a vendor which released the Company of all liability with respect to a previous dispute for which the Company was to have paid the vendor $75,000 in the form of common stock.  As a result of this settlement, the Company reduced its escrow payable amount and recorded other income of $75,000 in the first six months of 2011.