Quarterly report pursuant to sections 13 or 15(d)

10. RELATED PARTY TRANSACTIONS

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10. RELATED PARTY TRANSACTIONS
3 Months Ended
Mar. 31, 2014
Related Party Transactions [Abstract]  
10. RELATED PARTY TRANSACTIONS

Preferred Dividends – The Company had accrued and unpaid dividends in respect of its Series B Preferred Stock of $3,657,000 as of March 31, 2014 and December 31, 2013.

 

Note Payable to Related Party – The Company had a note payable to its Chief Executive Officer totaling $750,000 which was due on March 31, 2014. On March 31, 2014, the Company paid in cash the outstanding balance of the note payable.