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7. Operating Leases

12 Months Ended

Dec. 31, 2013

The Company currently leases approximately 4,500 square feet of office space that houses its principal executive offices and operations. Rental expense under the operating lease was approximately $75,000 and $94,000 for the years ended December 31, 2013 and 2012, respectively. On October 12, 2012, the Company executed a third amendment to its lease, which extended the lease for a period of 44 months, or until June 30, 2016. Future minimum lease payments at December 31, 2013 are as follows:

Year ending December 31
2014	$	92,018
2015		94,271
2016		47,324

- 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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