Quarterly report pursuant to sections 13 or 15(d)

NOTE 11 - SUPPLEMENT CASH FLOW INFORMATION

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NOTE 11 - SUPPLEMENT CASH FLOW INFORMATION
 6 Months Ended
Jun. 30, 2011
Notes to Financial Statements  
NOTE 11 - SUPPLEMENT CASH FLOW INFORMATION

 

NOTE 11 – SUPPLEMENTAL CASH FLOW INFORMATION

 

Supplemental disclosures of cash flow information for the six months ended June 30, 2011 and 2010 is summarized as follows:

 

    2011 2010
 Cash paid during the periods for interest and income taxes:    
 Income taxes $ - $ -
 Interest $ 1,096 $ 1,119

 

NOTE 12 – OPERATING LEASE

 

The Company leased its Palm City, Florida facility. On March 2, 2009 the lease was renewed for $1,200 per month. The Company held an additional option to renew the lease “at the market price.” This renewed lease went into effect June 1, 2009. Rent expense for the three months ended June 30, 2011 and 2010 was $5,112 and $7,668, respectively.

 

In April 2011, the Company entered into a new three year lease for office space in Stuart. The lease begins in August and provides for minimum monthly lease payments of $1,690, $1,803 and $1,915 for years one, two and three, respectively.