v2.4.0.6
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Dec. 31, 2011
Notes to Financial Statements  
COMMITMENTS AND CONTINGENCIES

 

The Company leases its location under a 12 month agreement, which started in September of 2011. For the fiscal years following June 30, 2011, future minimum annual rents under this agreement are as follows:

 

2012  $19,500 
2013   6,500 
      
Total  $26,000 

 

 

 

The Company decided to vacate its previous location, leased under a three year agreement, which started in November of 2010. While attempting to sub-lease these premises, it is continuing to make monthly rent payments. As of December 31, 2011, future minimum annual rents under this agreement are as follows:

 

2012  $4,130 
2013   8,260 
2014   2,065 
      
Total  $14,455 

 

 

Rent expense for the six months ended December 31, 2011 and 2010, was $22,118 (including $6,067 of early termination penalty) and $2,065, and is reflected in general and administrative expenses in the accompanying statements of operations.