17.

Commitments

Operating lease – The Company leases office space in New York City to conduct its business. The Company’s previous lease began in October 2011 and was terminated as of September 30, 2013. As of December 31, 2013, the Company owed $25,000 to the former lessor which was settled with the issuance of 83,334 shares of the company’s common stock in November 2014. Non-contingent rent increases were being amortized over the life of the lease on a straight line basis. The Company’s current lease originally began on October 1, 2013 and expired December 31, 2014. The Company extended the life of the lease through March 2015 for $3,500 per month. Subsequent to March 2015, the Company will enter into an additional month-to-month lease for office space. The rental expense charged to operations for the year ended December 31, 2014 and 2013 amounted to $57,600 and $51,483 (net of approximately $43,000 in reversal of accrued rent upon termination of lease), respectively. The Company also entered into a month-to-month lease for additional office space in November 2014 for $2,600 a month.