Related Party Transactions	3 Months Ended
Mar. 31, 2013
Related Party Transactions [Abstract]
Related Party Transactions	Note H – Related Party Transactions Lightyear has significant transactions with its largest stockholder, LY Holdings, LLC (“LY Holdings”) and members of LY Holdings. Lightyear also conducts business with certain companies or individuals which are related parties either by having common ownership or because they are controlled by members of LY Holdings, the directors and/or officers of the Company or by relatives of members of LY Holdings, directors of the Company and/or officers of the Company. Aggregate related party transactions are segregated on the face of the balance sheets and statements of operations. On March 20, 2013, Chris Sullivan agreed to forbear from demanding repayment of a note with a principal amount of $6,250,000 (the “Settlement Note”) until February 28, 2014. Commission expense – related parties includes certain VoIP and wireless revenue override payments due to directors of the Company and/or members of LY Holdings (the “Letter Agreement Holders”). During the three months ended March 31, 2013 and 2012, Lightyear recorded approximately $46,000 and $14,000 of VoIP and wireless revenue override expense, respectively, which was classified as commission expense – related parties in the condensed consolidated statements of operations. All of the Letter Agreement Holders (with the exception of one holder) agreed to waive their rights to revenue override payments during 2012. As of March 31, 2013, the Company has accrued approximately $188,000 related to VoIP and wireless revenue override payments. The Company obtained consulting services from a former officer and director, pursuant to a one year consulting agreement which terminated on April 30, 2012. Aggregate consulting expense was approximately $0 and $74,000 for the three months ended March 31, 2013 and 2012, respectively, which was classified as selling, general and administrative expenses – related party in the condensed consolidated statements of operations.

Related Party Transactions

3 Months Ended

Mar. 31, 2013

Note H – Related Party Transactions

Lightyear has significant transactions with its largest stockholder, LY Holdings, LLC (“LY Holdings”) and members of LY Holdings. Lightyear also conducts business with certain companies or individuals which are related parties either by having common ownership or because they are controlled by members of LY Holdings, the directors and/or officers of the Company or by relatives of members of LY Holdings, directors of the Company and/or officers of the Company. Aggregate related party transactions are segregated on the face of the balance sheets and statements of operations.

On March 20, 2013, Chris Sullivan agreed to forbear from demanding repayment of a note with a principal amount of $6,250,000 (the “Settlement Note”) until February 28, 2014.

Commission expense – related parties includes certain VoIP and wireless revenue override payments due to directors of the Company and/or members of LY Holdings (the “Letter Agreement Holders”). During the three months ended March 31, 2013 and 2012, Lightyear recorded approximately $46,000 and $14,000 of VoIP and wireless revenue override expense, respectively, which was classified as commission expense – related parties in the condensed consolidated statements of operations. All of the Letter Agreement Holders (with the exception of one holder) agreed to waive their rights to revenue override payments during 2012. As of March 31, 2013, the Company has accrued approximately $188,000 related to VoIP and wireless revenue override payments.

The Company obtained consulting services from a former officer and director, pursuant to a one year consulting agreement which terminated on April 30, 2012. Aggregate consulting expense was approximately $0 and $74,000 for the three months ended March 31, 2013 and 2012, respectively, which was classified as selling, general and administrative expenses – related party in the condensed consolidated statements of operations.

- 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

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+ Details

Lightyear Network Solutions, Inc. 10-Q