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Subsequent Events
12 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
Subsequent Events

 

10. Subsequent Events

Additional Notes Payable

Subsequent to December 31, 2011, the Company received an additional $175,000 in total from the Investors pursuant to the amended notes payable described in Note 4.

Stock Options Issued

In February 2012, the Company issued ten-year options to employees and directors to purchase 1,100,000 common shares.

Amended Lease Agreement

In March of 2012, we signed an amended lease agreement which expanded the premises leased by the Company from the Landlord to approximately 21,000 rentable square feet. The term of the lease was extended for nine (9) years commencing on July 1, 2012 and expiring on June 30, 2021. The amendment includes two (2) options to extend the term of the lease, each option is for an additional period of five (5) years, with the first extension term commencing, if at all, on July 1, 2021, and the second extension term commencing, if at all, immediately following the expiration of the first extension term. In accordance with the amended lease agreement, the Company’s monthly base rent will increase, as of July 1, 2012, to approximately $35,000. The Company will be required to pay an amount equal to the Company’s proportionate share of certain taxes and operating expenses.