Lease Commitments

12 Months Ended

Jun. 30, 2013

Lease Commitments

Note 3 – Lease Commitments

The Company entered into a long term lease for office space in June, 2006. The original lease term was 5 years and expired May 31, 2011. This lease has been extended through October, 2013. Monthly payments due on the extended lease are $7,975 through October, 2012 and are $8,156 for the period November, 2012 through October, 2013.

The Company incurred $97,227 and $106,821 of rent expense under this lease for the years ended June 30, 2013 and 2012, respectively.

The Company has entered into various subleases to sublet a portion of the office space obtained in the lease. The lease terms of the sub leases are month to month.

The Company received $44,490 and $68,245 from these sub-leases for the years ended June 30, 2013 and 2012.