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Leases
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3 Months Ended |
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Mar. 31, 2014
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| Leases [Abstract] | |
| Leases |
NOTE 14 – LEASES
Lease settlement
On April, 29, 2011, the Company entered into a settlement agreement with a lessor whereby the Company would make monthly payments totaling $614,934 from January 1, 2011 to October 1, 2013, in exchange of a waiver of $786,945 in late and other fees, which is recorded as a gain on debt extinguishment on the 2011 statement of operations. In the event of default, this waived amount would be payable in full in addition to the settlement amount. Total rent settlement amounts payable were $0 as of March 31, 2014 and December 31, 2013.
Although in default at the end of 2012, the Company subsequently cured and settled the obligation in full on October 1, 2013. The lessor upheld the Satisfaction of Judgment without exercising any of the default provisions.
Hawaii Research Center
The Company entered into a lease for laboratory and office space on May 9, 2006. This lease amended on September 7, 2011, and October 30, 2012. Under the terms of the October 30, 2012, lease, the lease is extended for a period of one year second amendment and extension of lease on laboratory facilities. Total rent expense under this agreement as amended was $15,610, $20,892, and $2,086,411, for the three-month periods ended March 31, 2014 and 2013, and for the period from inception to March 31, 2014, respectively.
Manoa Innovation Center
The Company entered into an automatically renewable month-to-month lease for office space on August 13, 2010. Under the terms of this lease, the Company must provide a written notice 45 days prior to vacating the premises. Total rent expense under this agreement was $6,965, $8,886, and $106,164, for the three-month periods ended March 31, 2014 and 2013, and for the period from inception to March 31, 2014, respectively.
Maturities
Future minimum lease payments under non-cancelable operating leases were $21,442, at March 31, 2014. This amount was all due during 2014. |