o reimburse Mr. Emalfarb approximately $313,000 for past expenses incurred. Such amount is included in other expense in the condensed consolidated statements of operations for the quarter and as a component of accrued expenses in the condensed consolidated balance sheet as of September 30, 2013. In addition to this reimbursement, Mr. Emalfarb will be entitled to receive a percentage of the net proceeds, if any, received by the Company related to the professional liability lawsuit against the Company's former outside legal counsel.
On August 8, 2012, the Company received $525,000 in settlement of certain of its claims against two defendants in the Company's professional liability lawsuit against its former outside legal counsel which is included in other income for the three month period ended September 30, 2012.
Net loss for the third quarter was $1.7 million, or ($0.05) per basic and diluted share, compared to a net loss of $392,000, or ($0.01) per basic and diluted share for the third quarter last year.
Financial Results for the Nine Months Ended September 30, 2013 vs. September 30, 2012Total revenue for the nine months increased $134,000 to $13.0 million compared to $12.9 million for the same period last year. The increase was due to a 22% rise in product-related revenue, which was offset by an aggregate decrease of $1.2 million in license fee revenue and research and development revenue for the nine months.
Net product related revenue for the nine months increased to $7.1 million from $5.8 million for the same period a year ago. The year-to-date growth of $1.3 million was due primarily to increased sales to existing customers as well as new customers in food and animal feed.
License fee revenue for the nine months decreased to $5.0 million compared to $5.5 million for the same period last year. No license fees were recognized in Q3 of either 2012 or 2013, however the Company will recogniz
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