• Filing Date: 2013-11-12
  • Form Type: 10-Q
  • Description: Quarterly report
Commitments and Contingencies
9 Months Ended
Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 9 – Commitments and Contingencies
Office Lease
The Company leases office space at two locations that expire between January 31, 2014 and December 31, 2015. Rent expense for the Company’s facilities for the nine months ended September 30, 2013 and 2012 totaled $12,864 and $13,016, respectively.
The future minimum lease payments due under the above mentioned non-cancelable lease agreements are as follows:
 Year ending December 31,      
 2013   $   4,299  
 2014      5,063  
 2015      3,960  
    $   13,322  
Contract Related Fees
As part of the contract to develop its products, the Company has agreed to pay the contractor 1.5% of future New York state manufactured sales, and 5% of future non-New York state manufactured sales until the entire funds paid by the contractor have been repaid, or 15 years, whichever comes first.  As of September 30, 2013, the Company has $2,733,934 of contract related expenses, all of which will be owed to the contractor, contingent upon the sale of the Company’s product.