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10. Commitments and contingencies
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12 Months Ended |
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Dec. 31, 2012
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| Commitments and Contingencies Disclosure [Abstract] | |
| Note 10. Commitments and contingencies |
There are no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business.
Leases
In March 2009, the Company entered into a sublease agreement for its executive offices in Santa Barbara, California. The term of the lease was for $3,520 per month from April 1, 2010 through December 31, 2010 and $3,630 per month from January 1, 2010 to December 31, 2010. In November 2010, the Company amended the lease agreement. Pursuant to the amendment, the term of the lease was for $5,830 per month from January 1, 2011 to December 31, 2013. In February 2012, the Company entered into a lease agreement to expand its offices in Santa Barbara, California. Pursuant to the agreement, the term of the lease was for $5,845 per month from February 1, 2012 to December 31, 2013.
Total rent expense under this lease and other operating leases in effect during the years ended December 31, 2012 and 2011, was $144,875 and $73,080, respectively which are included as part of Operating Expenses in the attached consolidated statements of operations. The following is a schedule by years of future minimum rental payments required under the non-cancellable operating leases as of December 31, 2012. Remaining lease commitments under all non-cancellable leases at December 31, 2012 were $140,000 through the end of 2013.
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