XML 58 R17.htm IDEA: XBRL DOCUMENT

Note 13 - Commitments

3 Months Ended

Sep. 30, 2012

NOTE 13 - COMMITMENTS

On July 16, 2008, the Company entered a two-year lease agreement for its administrative office with expiration date on July 15, 2010, for monthly rent of $4,400 until April 2009, the monthly rent increased to $9,470 after April 2009. The Company renewed this lease after the expiration and monthly rent increased to $11,000. The lease expired on December 31, 2011 and renewed to December 31, 2012 with adjusted monthly rent of $12,400.

On November 1, 2008, the Company entered another two-year lease agreement for its branch office with expiration date on October 31, 2010, for monthly rent of $3,500. The Company renewed this lease with the same amount of rent after the expiration. The lease expired on October 31, 2011 and was renewed to October 31, 2012 with adjusted monthly rent of $4,200.

The Company had rental expense of $90,980 for the three months ended September 30, 2012. Future minimum rental payments required under these operating leases are as follows:

Year 2012

$ 41,400

The Company has a construction in progress project and is required to pay an additional $20,000 by December 31, 2012.-see NOTE 3.

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

+ References+ Details