Commitments and Contingencies
|3 Months Ended|
Mar. 31, 2012
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies Disclosure [Text Block]||
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 March 31, 2012, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of March 31, 2012, the Company owed $100,292 under this agreement.
On August 04, 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 March 31, 2012 is $129,428.
Total maturities of the long term debt are as follows:
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 was prepaid in August 2011 for the 9 1/2 months period ending May 29, 2012. The prepaid rent was $8,314 per month and the deposit was $1,500.
Minimum obligations under these lease agreements are as follows:
Rent expense for the three months ended March 31, 2012 and March 31, 2011 was $48,633 and $38,454 respectively.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef