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Commitments and Contingencies
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Sep. 30, 2013
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| Commitments and Contingencies [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 JP Morgan Chase. The credit facility provides for $100,000 at prime plus .5%, 3.75% at September 30, 2013, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of September 30, 2013, the Company owed $100,292 under the revolving credit line.
Loan Payable
On August 4, 2010, the Company entered into a note payable with Systems Trading, LLC in settlement of past due balances owed by SafeData related to certain capital leases. The note bears interest at 4%, and is due in 24 equal installments of $11,927 commencing February 4, 2011 through January 4, 2013. The note payable balance as of September 30, 2013 is $47,312.
Operating Leases
The Company currently leases office space in Garden City, NY and Warwick, RI.
The lease for office space in Warwick, RI calls for monthly payments of $5,400 plus a portion of the operating expenses beginning in April 2012 and ending in December 2012. The lease is currently on a month to month basis.
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.
On November 6, 2013 the company entered into an on operating lease for office space in Warwick, Rhode Island. The lease is for a five year period beginning on February 1, 2014 and calls for escalating monthly base rent payments ranging from $2,324 to $2,460. In addition to base rent, the company will be responsible for it's pro-rata share of operating costs in excess of 2014 costs.
Minimum obligations under these lease agreements are as follows:
Rent expense for the nine months ended September 30, 2013 and September 30, 2012 was $113,732 and $150,761 respectively.
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