Quarterly report pursuant to sections 13 or 15(d)

7. COMMITMENTS AND CONTINGENCIES

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7. COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2013
Notes to Financial Statements  
NOTE 7 - COMMITMENTS AND CONTINGENCIES

6.           COMMITMENTS AND CONTINGENCIES

 

The Company entered into a three year lease agreement for their office lease facility commencing July 1, 2012, with escalating rental payments. On February 21, 2013, the Company amended the lease agreement to extend the lease through March 2018 and increase rental space. 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 $29,512 and $49,240 during the three and six months ended June 30, 2013, respectively. The Company recognized rent expense of $1,449 and $2,564 during the three and six months ended June 30, 2012, respectively. As of June 30, 2013 and December 31, 2012, there was $30,138 and $2,267, respectively, 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 June 30, 2013 are as follows:

 

Fiscal year      
2013   $ 29,268  
2014     60,093  
2015     62,169  
2016     64,299  
2017     66,519  
2018     16,770  
    $ 299,118