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Commitments and Contingencies Note
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12 Months Ended |
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Dec. 31, 2013
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| Notes | |
| Commitments and Contingencies Note |
9. 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 continues through August 31, 2014.
Total rent expense for the year ended December 31, 2013, and 2012 was $36,404 and $27,000, respectively.
The Companys remaining commitment under its current lease term for 2014 is approximately $16,000.
Purchase Commitments - As of December 31, 2013, the Company has a commitment to its manufacturer to purchase equipment totaling approximately $115,000. In January 2014, the Company paid the existing commitment of approximately $115,000. The manufacturing company has begun additional fabrication of our equipment resulting in a future commitment of approximately $145,000 upon completion. |
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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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