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NOTE 14 - OPERATING LEASE
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3 Months Ended |
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Mar. 31, 2012
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| Notes to Financial Statements | |
| NOTE 14 – OPERATING LEASE |
NOTE 14 – OPERATING LEASE
On April 25, 2011, the Company entered into a 3 year escalating lease agreement for 1,352 square feet commencing July, 2011. The monthly rental rate is $1,800, $1,920 and $2,040 for the lease years ending July 31, 2012, 2013 and 2014, respectively. The Company incurred $1,664 in leasehold improvements prior to occupancy and paid a security deposit of $1,800.
The Company terminated its prior lease on June 30, 2011 which required monthly lease payment of $1,278 per month.
On September 19, 2011, the Company entered into a 1 year sublease for 2,000 square feet in Las Vegas, Nevada. The sublease commenced on October 15, 2011 and requires monthly payments of $3,000. A security deposit of $3,000 was paid to the landlord.
Rent expense for the three months ended March 31, 2012 and 2011 was $16,854 and $3,834, respectively.
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