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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]

11. Commitments and Contingencies

 

Employment Agreements

 

The Company has entered into employment agreements with three of its key executives. Under their respective agreements, the executives serve at will and are bound by typical confidentiality, non-solicitation and non-competition provisions.

 

Operating Leases

 

On January 1, 2010, the Company entered into an agreement to lease 6,000 rentable square feet of office space in Columbus, Ohio at a monthly rent of $3,375. The lease commenced on January 1, 2010 and, pursuant to a lease extension dated February 21, 2012, the lease expires on December 31, 2014.

 

Future minimum lease payments under this operating lease is as follows:

 

For the Twelve Months
Ended June 30,		   Amount  
2013   $ 40,500  
2014     40,500  
2015     20,250  
Total   $ 101,250  

 

Rent expense charged to operations for the three and six months ending June 30, 2012 and June 30, 2011 amounted to $10,125 and $20,250 and $10,125 and $20,250 respectively.

 

Financing of Insurance Policy

 

On March 15, 2012, the Company entered into a financing agreement related to the purchase of an insurance policy for Directors and Officers. The financed amount of $18,387 is included in accrued expenses on the accompanying condensed consolidated balance sheets. The Company incurred financing charges of $1,061 in connection with the financing agreement, which is included in interest expense on the accompanying condensed consolidated statement of operations.