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Lease Commitments

12 Months Ended

Dec. 31, 2013

We entered into an operating lease for office space on January 1, 2002 that, as extended, now expires on April 30, 2017. Rent expense was $43,457 and $43,457 during the fiscal years ended December 31, 2013 and 2012, respectively. A 5-year office equipment lease entered into in 2005 expired in October 2010 and was replaced with a 4-year office equipment lease in November 2010.

Future minimum lease payments as of December 31, 2013 are displayed below:

Year ending December 31,
2014	$	47,206
2015	$	47,056
2016	$	48,110
2017	$	16,154
2018	$	-
Total minimum lease payments	$	158,526

Future minimum lease payments as of December 31, 2012 are displayed below:

Year ending December 31,
2013	$	46,393
2014	$	47,206
2015	$	47,056
2016	$	48,110
2017	$	16,154
2018	$	-
Total minimum lease payments	$	204,919

- Definition

The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.

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