Annual report pursuant to section 13 and 15(d)

COMMITMENTS AND CONTINGENCIES (Tables)

v2.4.0.6
COMMITMENTS AND CONTINGENCIES (Tables)
9 Months Ended
Sep. 30, 2012
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Lease Payments
The following schedule consists of the lease payment to Lessor based from the Agreement:
 
Due Date of Lease Payments from October 2011
 
Amount of
Lease Payment
 
       
On or before the 30th day after the 1st Anniversary
 
$
42,500
 
On or before the 30th day after the 2nd Anniversary
 
$
70,000
 
On or before the 30th day after the 3rd Anniversary
 
$
87,500
 
On or before the 30th day after the 4th Anniversary as the 5th and final payment
 
$
87,500
 
Schedule of Royalty Payments
The following schedule consists of the advance royalty payments to Lessor based from the Agreement:
 
Due Date of Advance Royalty Payments from October 2011
 
Amount of Advance
Royalty Payment
 
       
On or before the 30th day after the 1st Anniversary
 
$
42,500
 
On or before the 30th day after the 2nd Anniversary
 
$
70,000
 
On or before the 30th day after the 3rd Anniversary
 
$
87,500
 
On or before the 30th day after the 4th Anniversary as the 5th and final payment
 
$
87,500