Note 12 - Lease commitments and related party transactions |
6 Months Ended |
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Jun. 30, 2015 | |
| Lease Commitments And Related Party Transactions [Abstract] | |
| Lease Commitments And Related Party Transactions [Text Block] |
Note 12 – Lease commitments and related party transactions
In December of 2011, the Company leased space in Scottsdale, Arizona for its main headquarters. The lease ran from January 2012 to March 2014 at a rate of $1,907 per month.
On July 1, 2014, the Company entered into a forty-month office lease agreement for a lease period beginning October 1, 2014 and ending on October 31, 2017. The lease requires monthly payments of $5,988. Future minimum lease payments are $71,856 for the years ending December 31, 2015 and 2016. Future minimum lease payments are $59,880 for December 31, 2017.
Rent expense was $33,877 and $14,724 for the six months ended June 30, 2015 and 2014, respectively.
During the six months ended June 30, 2014, the Company issued notes payable and warrants to related parties. See Note 7 for further details.
See Note 14 for details on stock issued to employees and related party consultants per their employment or consulting contracts with the Company.
See Notes 10 and 11 for details of stock sold to executives and members of the Company’s Board of Directors.
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