Annual report pursuant to Section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES

v2.4.1.9
COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2014
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 commenced 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 its 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 42nd month of the lease.  Minimum future lease payments under this lease at December 31, 2014, net of the rent abatement, for the next five years are as follows:

 

2015   $ 55,516  
2016     68,244  
2017     71,288  
2018     74,540  
2019     77,872  
Thereafter     108,840  
Total   $ 456,300  

 

The leases for the properties maintained in Alexandria, VA and Longview, TX are month-to-month and can be cancelled with thirty days notice.