Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Notes to Financial Statements

Commitments and Contingencies

NOTE 6—COMMITMENTS & CONTINGENCIES

Solicitation Services

The Company has engaged HCFP, on a non-exclusive basis, to act as its agent for the solicitation of the exercise of the Company’s Class W Warrants and Class Z Warrants. In consideration for solicitation services, the Company will pay HCFP a commission equal to 5% of the exercise price for each Class W Warrant and Class Z Warrant exercised after March 8, 2007 if the exercise is solicited by HCFP. No solicitation services have been provided to date.

Operating Leases

On August 23, 2010, the Company entered into a two-year real estate operating lease for its initial gallery location in Taiwan.

In November 2011, the Company entered into an office space lease agreement for additional space located in Taiwan.

In January 2012, the Company entered into a two year lease for its second gallery location in Tainan, Taiwan.

Rent expenses incurred were $14,203 and $11,030 for the three months ended March 31, 2012 and 2011, respectively.

Future aggregate minimum office lease payments will be as follows:

Year		Amounts
	2012	$	62,388
	2013		56,963
	2014		8,138
	Total	$	127,489

On October 7, 2011, the Company entered into a three years automobile lease agreement. Lease expense incurred were $8,251 and $0 for the three months ended March 31, 2012 and 2011, respectively.

Future aggregate minimum automobile lease payments will be as follows:

Year		Amounts
	2012	$	24,936
	2013		33,247
	2014		24,936
	Total	$	83,119