v2.4.0.8
7. Related Party Transactions
 3 Months Ended
Jun. 30, 2013
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]
7.    Related Party Transactions

Related party transactions included the following:

   
Three months
ended
June 30,
2013
 
Three months
ended
June 30,
2012
 
Six months
ended
June 30,
2013
 
Six months
ended
June 30,
2012
DEVELOPMENT COSTS:
               
Consulting services rendered by an individual
who is a director and officer of the Company
$
-
$
15,000
$
-
$
30,000
                 
INTEREST EXPENSE:
               
Promissory notes issued to relatives of
the Chairman
 
76,557
 
76,557
 
153,113
 
153,113
Lines of credit from the Chairman & Chief
Executive Officer of the Company and his spouse
 
139,893
 
98,982
 
265,777
 
178,033
Stock options granted to Chairman & Chief
Executive Officer of the Company
 
-
 
2,383,454
 
-
 
2,616,602
                 
SELLING, GENERAL & ADMINISTRATIVE:
               
Consulting services rendered by the Chairman of the Board & Chief Executive Officer
 
47,400
 
47,400
 
94,800
 
94,800
Consulting services rendered by a member of the Board of Director in his capacity as management of the Company
 
31,500
 
-
 
63,000
 
-

Except as discussed in the next paragraph, all transactions with related parties were incurred in the normal course of operations and measured at the exchange amount, which is the amount of consideration established and agreed upon by the transacting parties.

Interest on promissory notes payable to related parties, management compensation and compensation paid to a relative of a director have been recorded at the exchange amount, which is the amount agreed to by the parties. Options granted to related parties have been recorded at their estimated fair value.