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COMMITMENTS AND CONTINGENCIES | 9 Months Ended
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Sep. 30, 2013
COMMITMENTS AND CONTINGENCIES [Abstract] |
COMMITMENTS AND CONTINGENCIES | NOTE 12 - COMMITMENTS AND CONTINGENCIES Operating lease On April 25, 2011, the Company entered into a 3 year escalating lease agreement for 1,352 square feet commencing July, 2011. The monthly rental rate is $1,800, $1,920 and $2,030 for the lease years ending July 31, 2012, 2013 and 2014, respectively. The Company incurred $1,664 in leasehold improvements prior to occupancy and paid a security deposit of $1,690. On September 19, 2011, the Company entered into a 1 year sublease for 2,000 square feet in Las Vegas, Nevada. The lease commenced on October 15, 2011 and requires monthly payments of $3,280. The lease was abandoned May of 2012 with six months remaining. The present value expense of the remaining lease payments in the amount of $19,680 has been accrued by the Company. The security deposit of $3,000 was expensed during the period ending June 30, 2013. Rent expense for the nine months ending September 30, 2013 and 2012 were $20,436 and $46,021, respectively.
Five Year Minimum Lease Payment Schedule
Year |  |  |
2013 |  | $ | 6,091
2014 |  |  | 16,242
2015 |  |  | -
2016 |  |  | -
2017 |  |  | -
Total |  | $ | 22,333

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