Quarterly report pursuant to sections 13 or 15(d)

7. COMMITMENTS AND CONTINGENCIES

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7. COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2012
Notes to Financial Statements  
NOTE 7 - COMMITMENTS AND CONTINGENCIES

 

The Company entered into a three year lease agreement for their office facility commencing July 1, 2012, with escalating rental payments. The effects of variable rent disbursements have been expensed on a straight-line basis over the life of the lease. As of September 30, 2012, there was $2,196 of deferred rent included in accrued expenses and other current liabilities in the accompanying balance sheets.

 

Future minimum lease payments under all non-cancelable operating leases as of September 30, 2012, are as follows:

 

Fiscal year      
2012   $ 6,375  
2013     23,708  
2014     24,625  
2015     16,042  
         
    $ 70,750