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COMMITMENTS AND CONTINGENCIES
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6 Months Ended |
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Dec. 31, 2011
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| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES Facility Rental
Holdings leased offices with approximately 6,848 square feet in Bethesda, Maryland, pursuant to a lease which expired on December 31, 2011. At December 31, 2011, unpaid rent of $37,612 is included in accounts payable and $32,481 of unpaid operating expense charges are included in accrued expenses and other current liabilities.
On December 7, 2011, Holdings entered into a one-year lease for 1,957 square feet in Gaithersburg, Maryland which expires on December 31, 2012. The lease required the payment of a refundable security deposit of $4,000 which is included in prepaid expenses and other current assets at December 31, 2011. Monthly lease amounts for this facility total approximately $2,000 including monthly operating expense charges of $763. Rent expense is included in the accompanying financial statements since the reverse acquisition. Rent expense for the three and six months ended December 31, 2011 was $49,602 and $98,241, respectively. Future minimum rental payments required under the current operating lease through expiration are $24,000. Operating Lease
In May 2010, AccelPath entered into a non-cancelable operating lease for certain equipment. The lease requires monthly rental payments of $3,698 and expires in May 2015. The lease terms required payment of a refundable security deposit of $18,000 which is included in deposits on the Company’s consolidated balance sheet. Rent expense for the three and six months ended December 31, 2011were $11,205 and $22,410, respectively. Rent expense for the three and six months ended December 31, 2010 were $11,094 and $22,188, respectively. Future minimum lease payments remaining at December 31, 2011 for the years ending June 30, 2012, 2013, 2014 and 2015 are $22,188, $44,376, $44,376 and $36,980, respectively.
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