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Commitments and Contingencies Note
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3 Months Ended |
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Sep. 30, 2013
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| Commitments and Contingencies Note |
8. COMMITMENTS AND CONTINGENCIES:
Lease Commitments - On July 18, 2012, the Company entered into a thirteen month lease for office space for our corporate headquarters located in Greenwood Village, Colorado. Under the terms of the lease agreement, the Company leased approximately 2,244 square feet of general office space. The lease term commenced on July 23, 2012 and was extended through February 28, 2014.
Total rent expense for the three and nine months ended September 30, 2013 was $9,228 and $26,867, respectively. Rent expense for the three and nine months ended September 30, 2012 was $6,070 and $12,802, respectively.
The Companys remaining commitment under its current lease term through February 28, 2014 is approximately $16,000.
Purchase Commitments - As of September 30, 2013, the Company has a commitment to its manufacturer to purchase equipment totaling approximately $127,000. |
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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