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Commitments and Contingencies
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6 Months Ended | ||||||||||||||||||||||||||||||
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Jun. 30, 2012
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Note 6 - Commitments and Contingencies
Revolving Credit Facility
On January 31, 2008 the Company entered into a revolving credit line with a bank. The credit facility provides for $100,000 at prime plus .5%, 3.75% at June 30, 2012, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of June 30, 2012, the Company owed $100,292 under this agreement.
Loan Payable
On August 4, 2010, the Company entered into a note payable with Systems Trading, LLC in settlement of past due balances owed by SafeData related to certain capital leases. The note bears interest at 4%, and is due in 24 equal installments of $11,927 commencing February 4, 2011 through January 04, 2013. The note payable balance as of June 30, 2012 is $106,514.
Total maturities of the long term debt are as follows:
Operating Leases
The Company currently leases office space in New York, NY; Garden City, NY and Warwick, RI.
The lease for office space in Warwick, RI calls for monthly payments of $5,400 plus a portion of the operating expenses beginning in April 2012 and ending in December 2012. The lease is currently on a month to month basis.
The lease for office space in Garden City, NY calls for escalating monthly payments ranging
from $6,056 to $6,617 plus a portion of the operating expenses through June 2014.
The lease for office space in New York, NY is for a 3 month period beginning June 2012 ending August 2012 and includes one month free. The security deposit was $6,900.
Minimum obligations under these lease agreements are as follows:
Rent expense for the six months ended June 30, 2012 and June 30, 2011 was $106,757 and $76,650 respectively.
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