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NOTE 9 - COMMITMENTS AND CONTINGENCIES
3 Months Ended
Mar. 31, 2012
Commitments and Contingencies Disclosure [Abstract]  
NOTE 9 - COMMITMENTS AND CONTINGENCIES

 

NOTE 9 - COMMITMENTS AND CONTINGENCIES

 

The Company has a pending settlement with Incubrands Spirits Group (“Incubrands”) in connection with an equity agreement (the “Agreement”), dated April 30, 2007. Pursuant to the Agreement, Incubrands claimed commission fees of $191,778 incurred during the agreement period with a predecessor of the Company. Panache assumed this liability upon Panache’s creation in February 2010 and recorded $162,309 as a deemed distribution, since the liability was transferred from a related entity. The balance as of March 31, 2012 and December 31, 2011 was $171,778.

 

The Company rents furnished office space on a month-to-month basis. Rent expense was $3,080 and $2,825 for the three months ended March 31, 2012 and 2011, respectively.