Commitments and Contingencies |
3 Months Ended | |||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||
| Commitments and Contingencies |
Note 7 - 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, 2016, and is secured by all assets of the Company and personally guaranteed by the Companys principal shareholder. As of March 31, 2016, the Company owed $99,292 under this agreement.
Operating Leases
The Company currently leases office space in Garden City, NY, and Warwick, RI.
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. This lease was renewed for an additional year through June 30, 2016 at the rate of $6,617 per month.
The lease for office space in Warwick, RI calls for monthly payments of $2,324 beginning February 1, 2014 which escalates to $2,460 on February 1st 2017. This lease commenced on February 1, 2014 and continues through January 31, 2019.
Minimum obligations under these lease agreements are as follows:
Rent expense for the three months ended March 31, 2016 and March 31, 2015 was $34,943 and $27,570 respectively. |
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