Annual report pursuant to section 13 and 15(d)

9. COMMITMENTS AND CONTINGENCIES

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9. COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
NOTE 9 - 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. The Company recognized rent expense of $15,759 and $4,746 for the years ended December 31, 2012 and 2011, respectively. As of December 31, 2012, there was $2,267 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 December 31, 2012, are as follows:

 

Fiscal year      
2013   $ 25,917  
2014     26,917  
2015     16,042  
    $ 68,876