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Subsequent Events
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9 Months Ended |
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Sep. 30, 2012
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| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 10. - Subsequent Events
On October 31, 2012 the Company entered into an asset purchase agreement to purchase substantially all of the assets of Message Logic, Inc. In connection with the acquisition, Data Storage Corporation issued 1,495,190 shares of its common stock, assumed liabilities totaling $373,051 and is scheduled to pay $800,000 over a period of two years providing certain benchmarks are attained.
Of the 1,495,190 shares the Company issued were 187,532 shares issued to Zojax Group, LLC under stock purchase agreement. This stock was issued in exchange for $121,896 of debt Message Logic, Inc. owed to Zojax Group, LLC.
In connection with the acquisition of these assets, the Company entered into a two year employment agreement with Stephen Catanzano, the CEO of Message Logic, Inc. The agreement calls for a base salary of $150,000 plus 20% of the annual revenue in excess of $1,000,000 related to the Message Logic.
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