Quarterly report pursuant to Section 13 or 15(d)

7. COMMITMENTS AND CONTINGENCIES

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7. COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2014
Notes to Financial Statements  
NOTE 7 - 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 $14,382 and $29,512 during the three months ended June 30, 2014 and 2013, respectively.  The Company recognized rent expense of $28,762 and $49,240 during the six months ended June 30, 2014 and 2013, respectively.  As of June 30, 2014 and December 31, 2013, there was $24,355 and $25,381, 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, 2014 are as follows:

 

Fiscal year      
2014     30,306  
2015     62,169  
2016     64,299  
2017     66,519  
2018     16,770  
    $ 240,063