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COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2013
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS AND CONTINGENCIES

 

Operating Lease

 

We lease administrative office space in Boca Raton, Florida pursuant to a 63 month non-cancelable operating lease commencing on July 1, 2013 and expiring on September 30, 2018. The lease stipulates, among other things, average base monthly rents of $30,149 (inclusive of estimated operating expenses) and sales tax, for a total future minimum payments over the life of the lease of $1,899,414.

 

The straight line rental expense related to our current lease totaled $180,894 for the six months ended December 31, 2013 offset by rent income of $32,963. The rental expense related to our prior lease which expired June 30, 2013 totaled $60,168 for the six months ended June 30, 2013, and $106,315 and $122,752 for the years ended December 31, 2012 and 2011, respectively.

 

As of December 31, 2013, future minimum rental payments are as follows:

  

Years Ending December 31,        
2014     $ 316,039  
2015       371,240  
2016       382,377  
2017       393,848  
2018       302,748  
Total minimum lease payments       1,766,252  
Noncancelable sub-lease income       (38,956 )
Net minimum lease payments     $ 1,727,296