Commitments and Contingencies |
9 Months Ended | |||||||||||||||||||||||||
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Sep. 30, 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 September 30, 2016, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of September 30, 2016, the Company owed $99,292 under this agreement.
Operating Leases
The Company currently leases office space in Melville, NY, and Warwick, RI.
The lease for office space in Melville, NY, calls for monthly payments of $3,498 beginning July 1, 2016. This lease commenced on June 1, 2016 and continues through September 30, 2017.
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 1, 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 nine months ended September 30, 2016 and September 30, 2015 was $101,865 and $98,078 respectively. |