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RELATED PARTY TRANSACTIONS | 3 Months Ended
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Sep. 30, 2012
Related Party Transactions [Abstract] |
RELATED PARTY TRANSACTIONS | 6. RELATED PARTY TRANSACTIONS Transactions with related parties and their affiliates are made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with other unaffiliated third parties, and do not, in the opinion of management, involve more than normal credit risk or present other unfavorable features. For the nine months ended September 30, 2012 and 2011, related parties include the following:
· | Robert DelVecchio, an officer and a member of the board of directors of the Company and his affiliate Brockington Securities, Inc. (collectively, "DelVecchio").
· | Haresh Sheth, a former officer and a member of the board of the directors of the Company and currently a consultant to the Company and his affiliated entities Janus Financial Services, Inc., Janus Finance Corporation and Woodfield Capital Services, Inc (collectively, "Sheth").
· | Mosaic Capital Advisors, LLC, directly appointed directors and owner of approximately 87% and 87% of the Company’s Series A Preferred as December 31, 2011 and 2010, respectively, and its affiliated entities Mosaic Financial Services (“MFS”), LLC, Mosaic Private Equity Fund, L.P., Mosaic Capital Management, Ltd. and its affiliated accredited investor (collectively, “Mosaic”).
In July 2011, Haresh Sheth resigned his position as President and member of the board of directors of the Company. There were no severance costs associated with his resignation. Mr. Sheth will continue to continue to provide consulting services to the Company for a term of one year in exchange for 225,000 restricted stock grants of the Company’s stock. Outstanding debt to related parties consisted of the following at September 30, 2012 and December 31, 2011:
September 30, 2012 (unaudited) |  |  |  |  |  |  |  |  |
|  | DelVecchio |  |  | Mosaic |  |  | Total |
Notes payable - revolving |  | $ | 299,000 |  |  | $ | - |  |  | $ | 299,000 |
Unsecured convertible debentures, net |  |  | - |  |  |  | 498,456 |  |  |  | 498,456 |
Accrued interest |  |  | 21,648 |  |  |  | 53,863 |  |  |  | 75,511 |
|  | $ | 320,648 |  |  | $ | 552,319 |  |  | $ | 872,967 |
December 31,2011 |  |  |  |  |  |  |  |  |  |  |  |
|  | DelVecchio |  |  | Mosaic |  |  | Total |
Notes payable - revolving |  | $ | 158,320 |  |  | $ | - |  |  | $ | 158,320 |
Unsecured convertible debentures, net |  |  | - |  |  |  | 474,212 |  |  |  | 474,212 |
Accrued interest |  |  | 4,402 |  |  |  | 10,822 |  |  |  | 15,224 |
|  | $ | 162,722 |  |  | $ | 485,034 |  |  | $ | 647,756 |

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 57 -Paragraph 1-4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph b -Article 3A Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 + Details
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