Quarterly report pursuant to sections 13 or 15(d)

10. RELATED PARTY TRANSACTIONS.

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10. RELATED PARTY TRANSACTIONS.
6 Months Ended
Jun. 30, 2011
Related Party Transactions Disclosure [Text Block]
10.
RELATED PARTY TRANSACTIONS.

The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $6,677,000 and $6,050,000 as of June 30, 2011 and December 31, 2010, respectively.

The Company had notes payable to its Chairman of the Board and its Chief Executive Officer totaling $1,250,000 as of June 30, 2011 and December 31, 2010. These notes mature on March 31, 2012.