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LEASES

12 Months Ended

Dec. 31, 2012

Leases of Lessee Disclosure [Text Block]

NOTE 7: LEASES

Operating Leases

The Company leases office space in Scottsdale, Arizona under an operating lease that expires in 2017. Rent expense under this lease totaled $62,955 and $133,754 for the years ended December 31, 2012 and 2011, respectively.

The Company is a party to various leases for office and communications equipment extending through 2014. Lease expense related to these leases was $41,622 for 2012 and 2011.

Future minimum annual lease payments under the operating lease agreements are as follows for each of the years ended December 31:

2013		104,551
2014		78,731
2015		76,341
2016		78,631
2017		67,156
Thereafter		-
Total	$	405,410

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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