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Commitments and Contingencies
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9 Months Ended | ||||||||||||||||||||
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Sep. 30, 2012
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| 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 JP Morgan Chase. The credit facility provides for $100,000 at prime plus .5%, 3.75% at September 30, 2012, and is secured by all assets of the Company and personally guaranteed by Mr. Piluso. As of September 30, 2012, the Company owed $100,292 underthe revolving credit line. 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 4, 2013. The note payable balance as of September 30, 2012 is $94,022.
Operating Leases
The Company currently leases office space in 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.
Minimum obligations under these lease agreements are as follows:
Rent expense for the nine months ended September 30, 2012 and September 30, 2011 was $150,761 and $124,153 respectively.
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