v2.4.0.8
7. Related Party Transactions
 3 Months Ended
Sep. 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
September  30,
2013
 
Three months
ended
September  30,
2012
 
Nine months
ended
September 30,
2013
 
Nine months
ended
September 30,
2012
DEVELOPMENT COSTS:
               
Consulting services rendered by an individual who was a director and officer of the Company
$
-
$
15,000
$
-
$
45,000
                 
INTEREST EXPENSE:
               
Promissory notes issued to
relatives of the Chairman
 
76,557
 
76,557
 
229,670
 
229,670
Lines of credit from the Chairman & Chief Executive Officer of the Company and his spouse
 
151,774
 
108,707
 
417,551
 
286,740
Stock options granted to Chairman & Chief Executive Officer of the Company
 
-
 
-
 
-
 
2,616,602
                 
SELLING, GENERAL & ADMINISTRATIVE:
               
Consulting services rendered by the Chairman of the Board & Chief Executive Officer
 
47,400
 
47,400
 
142,200
 
142,200
Consulting services rendered by a member of the Board of Director in his capacity as management of the Company
 
31,500
 
-
 
94,500
 
-
Stock options granted to non-executive members of the Board of Directors
 
-
 
29,975
 
-
 
29,975

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.