Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

Commitments and Contingencies
6 Months Ended
Jun. 30, 2013
Commitments and Contingencies [Abstract]  
Commitments and Contingencies
9. Commitments and Contingencies
Lease Obligations - The Company leases office space under two operating lease agreements. The first agreement was scheduled to expire in 2014 and provides for monthly rent of $4,048. In January 2013, we exercised an early termination option clause and, accordingly, this lease will now expire in October 2013. The Company paid a lease termination fee of $13,090 in connection with the exercise of the early termination clause. On January 18, 2013, we entered into a sublease agreement for our former headquarters space of approximately 1,870 square feet. The sublease provides $3,000 per month rent and expires on October 31, 2013. On December 16, 2012 the Company entered into a second and separate operating lease agreement commencing on January 1, 2013 to lease 4,600 square feet of office space. The lease expires on June 30, 2015 and provides for monthly rent of $4,064 for the first 10 months and $6,386 per month for the remaining 20 months of the lease.
Rent expense, amounting to $17,755 and $10,480 for the three months ended June 30, 2013 and 2012, respectively, and $44,246 and $20,960 for the six months ended June 30, 2013 and 2012, respectively, is included in general and administrative expense in the condensed statements of comprehensive (loss) income. Included in rent expense for the three and six months ended June 30, 2013 is $9,000 and $16,500, respectively, of sub lease income.
Future minimum payments under the leases at June 30, 2013 are as follows:
Year ending December 31,
2013 (remaining 6 months)
  $ 45,219  
  $ 160,158