(10) Commitments and Contingencies
We currently employ our CEO at an annual salary of $150,000. Since April 1, 2009, the CEOs compensation has continued at the same annual salary as per the terms of his two year contract extension dated April 1, 2007.
We presently lease office space in Crystal River, Florida, on a month to month basis. The terms are a fixed monthly payment of $2,000 plus our share of certain allocated utilities (not to exceed $2,000 per month) as defined in the agreement. Rental expense, including allocated utilities, for the years ended October 31, 2012 and 2011 amounted to approximately $35,000 and $39,000, respectively.
In fiscal 2012, three customers generated 33%, 20% and 11% of our revenues. Two such customers and one other accounted for 59%, 17% and 14% of our accounts receivable and accrued revenue at October 31, 2012.
In fiscal 2011, three customers generated 47%, 22% and 18% of our revenues. Two such customers accounted for 47% and 11% of our accounts receivable at October 31, 2011.