Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
9 Months Ended
Sep. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
4. COMMITMENTS AND CONTINGENCIES

Operating Lease Commitment

On May 30, 2014, the Company entered into a commercial lease for 2,387 square feet of office space in Norwood, MA. The lease commenced on July 1, 2014 and is for a three year term. The lease also requires a standby letter of credit of $13,725 payable in favor of the landlord (Note 1).

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at September 30, 2014, the future minimum rent commitments are as follows:

 

October-December 2014

   $ 13,725   

2015

     55,498   

2016

     56,511   

2017

     28,464   
  

 

 

 

Total

   $ 154,198   
  

 

 

 

Total rent expense for the three and nine months ended September 30, 2014, including month-to-month leases, was $8,100 and $21,825, respectively. There was no rent expense incurred for the three and nine months ended September 30, 2013.