Annual report pursuant to section 13 and 15(d)

10. COMMITMENTS AND CONTINGENCIES

v2.4.0.8
10. COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
NOTE 10 - 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 $73,752 and $15,759 during the years ended December 31, 2013 and 2012, respectively.  As of December 31, 2013 and 2012, there was $25,381 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 December 31, 2013, are as follows:

 

Fiscal Year      
2014   $ 60,093  
2015     62,169  
2016     64,299  
2017     66,519  
2018     16,770  
    $ 269,850