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RELATED PARTY TRANSACTIONS
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9 Months Ended |
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Sep. 30, 2013
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| RELATED PARTY TRANSACTIONS [Abstract] | |
| RELATED PARTY TRANSACTIONS |
15. RELATED PARTY TRANSACTIONS
Legal fees of approximately $37,000 and $65,000 were incurred during the three months and $130,000 and $173,000 during the nine months ended September 30, 2013, and 2012, respectively, from the law firm of Germer PLLC of which Charles W. Goehringer, Jr. is a minority partner. Mr. Goehringer acts as corporate counsel for the Company.
Ghazi Sultan, a Company director, was paid $35,000 during both three month periods and $104,000 during both nine month periods ended September 30, 2013, and 2012, respectively for serving as the Company’s Saudi branch representative.
Consulting fees of approximately $43,000 were incurred during the three and $98,000 during the nine months ended September 30, 2013, from IHS Global FZ LLC of which Company Director Gary K Adams holds the position of Chief Advisor – Chemicals.
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- Details
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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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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