Commitments

6 Months Ended

Jun. 30, 2013

11. Commitments

Operating lease – The Company leases office space in New York City to conduct its business. The lease began in October 2011 and expires October 31, 2016, with rent escalations. Non-contingent rent increases are being amortized over the life of the lease on a straight line basis. The rental expense charged to operations for the three months ended June 30, 2013 and 2012 amounted to $26,425 and $28,217, respectively. The rental expense charged to operations for the six months ended June 30, 2013 and 2012 amounted to $53,774 and $56,434, respectively. Future minimum rental payments on this lease are as follows for the years ending December 31,:

2014	$	115,483
2015		121,312
2016		103,535
	$	340,330

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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