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NOTE 10 - COMMITMENTS AND CONTINGENCIES
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9 Months Ended |
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Sep. 30, 2014
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| Note 10 - Commitments And Contingencies | |
| NOTE 10 - COMMITMENTS AND CONTINGENCIES |
NOTE 10 – COMMITMENTS AND CONTINGENCIES
Operating lease
On April 25, 2011, the Company entered into a 3 year escalating lease agreement for 1,352 square feet commencing in July. 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 terminated this lease in July of 2014 owing three months’ rent for total of $6,091. On August 1st, 2014, the Company entered into a settlement agreement with the landlord whereby a note was executed for a total of $4,401 to be paid in 7 monthly installments of $600 with the first payment in September 1st, 2014, foregoing the original rent deposit of $1,690 and an 8th final payment of $201 for a total settlement of $6,091.
On May 9, 2014 a two year lease was signed by Management for a new office located at 2114 Rays Way, Stuart, Florida, 34994. A security deposit in the amount of $1,200 was paid at the time of signing. The monthly rental rate is $1,200 and $1,260 for the lease years ending July 31, 2015 and July 31, 2016, respectively.
Rent expense for the nine months ended September 30, 2014 and 2013 was $20,342 and $20,436, respectively. |