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Commitments and Contingencies
 9 Months Ended
Sep. 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 four 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 these operating leases are as follows:

 

For the Twelve Months
Ended September 30,		     Amount  
  2013     $ 40,500  
  2014       40,500  
  2015       10,125  
  Total     $ 91,125  

 

Rent expense charged to operations for the three and nine months ended September 30, 2012 and 2011 amounted to $10,125 and $30,375 and $10,125 and $30,375, 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 $9,194 is included in accounts payable and accrued expenses on the accompanying condensed consolidated balance sheets. The Company incurred financing charges of $1,045 in connection with the financing agreement, which is included in interest expense on the accompanying condensed consolidated statement of operations.