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COMMITMENTS AND CONTINGENCIES
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6 Months Ended | ||||||||||||||||||||||||||||||
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Jun. 30, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES |
Office Lease
In October 2013, the Company entered into a net-lease for its current office space in Los Angeles, California. The lease will commence on May 1, 2014 and runs for seven years through April 30, 2021, with monthly lease payment escalating each year of the lease. In addition, to paying a deposit of $7,564 and the monthly base lease cost, the Company is required to pay pro rata share of operating expenses and real estate taxes. Under the terms of the lease, the Company will not be required to pay rent for the first five months but must remain in compliance with the terms of the lease to continue to maintain that benefit. In addition, the Company has a one-time option to terminate the lease in the 42th month of the lease. Minimum future lease payments under this lease at June 30, 2014, net of the rent abatement, for the next five years are as follows:
The Company has outstanding notes payable in the amount of $6.0 million. The notes mature on September 30, 2014. |