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Note 12 - Lease Extension
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9 Months Ended |
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Jun. 30, 2011
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| Leases of Lessee Disclosure [Text Block] |
Note
12 – Lease
Extension
The
Company’s corporate headquarters is located in
approximately 5,100 square feet of office space located in
Chicago, Illinois. On March 10, 2011, the Company signed a
lease amendment, effective November 1, 2010, which extended
the lease term for this office space for a five year period
commencing on November 1, 2011 and ending on October 31,
2016. The lease amendment grants the Company a
five month lease abatement beginning November 1, 2010,
reduces base rent and provides a tenant improvement
allowance. The lease requires escalating monthly
payments ranging from $6,797 to $7,859, plus real estate
taxes, utilities and maintenance expenses from April 1, 2011
to October 31, 2016. The lease stipulates that
after five years, the Company shall have a one-time right to
extend the term of the lease for an additional three years by
giving the landlord no less than twelve months prior notice
in writing.
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