this is from Filed 05/18/12 for the Period Ending 12/31/11
7. Lease obligations, commitments and Contingencies
(A) Lease obligations
The Company previously leased office space in Kirkland, Washington (to April 2011), Bellevue, Washington (to May 2011), and Toronto,
Ontario. Total lease expense was $101,431 and $780,870 for the years ended December 31, 2011 and 2010, respectively. In April 2011, the
Company terminated its Kirkland lease and agreed to a settlement amount of $180,000 payable in monthly installments over a 36 payment
period starting in July 2011. The Company is currently in default under the conditions of this settlement agreement.
On November 9, 2011, the Company entered into an agreement with a third party (with the consent of the landlord) to assign its rights relating
to its Toronto office lease for the remaining term through May 2014 at the same monthly rate of approximately $7,810 per month. The
assignment provides that, in the event that the third party is unable to meet the rent obligations, the Company will continue to be responsible
for the amounts due under the original lease (aggregating $226,478 at December 31, 2011).
also
In 2011, the Company granted 993,068 stock options with strike prices ranging from $0.10 to $0.25 per common share and fair values ranging
from $0.03 to $0.06 to employees. The fair values of these options get expensed over their vesting periods through 2014.
also
Also, in 2011, the Company granted 14,050,000 stock options with strike prices ranging from $0.10 to $0.25 per common share and fair values
ranging from $0.01 to $0.06 to management and advisors. The fair values of these options are expensed over their vesting periods through
2014.
THIS MAIN THE COMPANY STILL ALIVE AND THIS QUARTER WILL SEE BIG CHANGE WHY BECAUSE IN 2014 AS I FIND IN THE 10K/A
SO GOOD LUCK TO ALL HOW HOLD THIS STOCK.
