XML 43 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments
9 Months Ended
Sep. 30, 2014
Commitments [Abstract]  
Commitments

10.        Commitments

 

Operating lease - The Company leases office space in New York City to conduct its business. The Company’s previous lease began in October 2011 and was terminated as of September 30, 2013. As of September 30, 2014, the Company owes $25,000 to the former lessor which will be settled with the issuance 83,334 shares of the company’s common stock. Non-contingent rent increases were being amortized over the life of the lease on a straight line basis. The Company’s current lease began on October 1, 2013 and expires December 31, 2014. The rental expense charged to operations for the three months ended September 30, 2014 and 2013 amounted to $14,400 and $3,898, respectively. The rental expense charged to operations for the nine months ended September 30, 2014 and 2013 amounted to $43,200 and $57,672, respectively.