Attached files

file filename
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR1.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR3.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR4.htm
EXCEL - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCFinancial_Report.xls
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR6.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR8.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR5.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR9.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR7.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR2.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR14.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR12.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR16.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR15.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR11.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR17.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR10.htm
XML - IDEA: XBRL DOCUMENT - CITY LANGUAGE EXCHANGE INCR13.htm
10-Q/A - GAME TRADING TECHNOLOGIES, INC. FORM 10-Q/A - CITY LANGUAGE EXCHANGE INCform10qa.htm
v2.3.0.11
COMMITMENTS
6 Months Ended
Jun. 30, 2011
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS
13. 
COMMITMENTS

Obligations


The Company has entered into an operating lease agreement for its warehouse and corporate offices located in Hunt Valley, MD. The current lease term expiration date is January 31, 2012. On October 14, 2010, the Company entered into an extension of the operating lease agreement including an additional 10,800 square feet through January 31, 2018. 

Future minimum payments required under operating leases at June 30, 2011 are as follows:

Year Ending December 31:
     
       
2011 (remainder of the year)
   
111,120
 
2012
   
228,470
 
2013
   
234,969
 
2014
   
242,205
 
2015 and thereafter
   
793,984
 
   
$
1,610,748
 

Rent expense plus common area maintenance and related facilities fees for the six months ended June, 2011 and 2010 totaled $138,753 and $105,623, respectively.
Employment and Consulting Agreements

The Company has employment agreements with certain of its key employees which include non-disclosure and confidentiality provisions for the protection of the Company’s proprietary information.

We entered into employment agreements with Todd Hays and Rodney Hillman effective at the closing of the Transaction and our February 2010 private placement. In addition, we entered into an employment agreement with Richard Leimbach in September 2010 as our Chief Financial Officer. The employment agreements require each of the executives to devote all of their time and attention during normal business hours to our business as our Chief Executive Officer and President, our Chief Operating Officer, and our Chief Financial Officer, respectively. The employment agreements provide that each executive will receive an annual base salary of $175,000, $125,000 and $150,000 per year, respectively, with the annual base salary increasing by 5% on each anniversary date of the employment agreement. In addition, each executive is entitled to (a) receive a cash bonus in an amount determined by the Compensation Committee if we meet or exceed certain mutually agreed upon performance goals and (b) participate in our stock option plan.