XML 51 R16.htm IDEA: XBRL DOCUMENT v2.4.1.9
Commitments and Contingencies
12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
10.
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 and August 14, 2014, the lease expires on December 31, 2016. The Company has no other leases.
 
Future minimum lease payments under this operating lease are as follows:
 
For the Twelve Months Ended
 
December 31,
 
2015
 
$
40,500
 
2016
 
 
40,500
 
Total
 
$
81,000
 
 
Rent expense charged to operations for the twelve months ended December 31, 2014, and 2013 amounted to $ 40,500 and $ 40,500, respectively.