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v2.4.0.6
Commitments
12 Months Ended
Oct. 31, 2012
Commitments [Abstract]  
Commitments
5. Commitments
 
Operating Leases
 
Real Estate
 
Until November 30, 2011 we leased 2,061 square feet of office space in Colorado for $3,200 per month. In December 2011 we moved into shared office space and are subletting for $250 per month in a month to month arrangement. In December 2011, this shared office was closed and the activities were moved and consolidated to the South Carolina office. In November 2011 we leased additional space in South Carolina for our IT and Customer Service department. The lease provides for rent of $1,000 per month plus common area charges until November 2012. In November 2012 the company renewed the lease for an additional 3 years with the first year monthly rent amounting to $1,130 plus common area charges. Our New York headquarters lease is month to month. The total rent expense for these operating leases were approximately $29,414 and $30,918 for the years ended October 31, 2012 and 2011, respectively.
 
Equipment
 
In June 2011 the Company entered into a Master Leasing Agreement with Yellow Box Leasing LLC. The terms of the agreement provide up to $1.25 million in equipment lease financing for Coupon Express Kiosks. The lease provides for the creation of sub-leases for each order of 25 Kiosks ordered. In September 2011 and in March 2012 the Company received 50 new Kiosks with a value of $250,000. Terms of this sub-lease provide for payments of $140/month for each Kiosk over 3 years. However, Yellow Box has recently advised the Company that they are presently unable to finance the purchase of additional kiosks.
 
Minimum rental commitments at October 31, 2012 under all leases having a non-cancelable term of more than one year are shown below:
 
2012
   
  $
85,560
  
2013
   
    
73,968
  
2014
   
    
29,328
  
Total minimum lease payments
   
  $
188,856
  
 
Legal
 
The Company is involved in a dispute over a services contract. S.O.S. Resources (“SOS”) and its president claim that SOS fully performed under an agreement with the Company and is entitled to receive 3,110,000 shares of our registered common stock, and later asserted that they would seek a sum of $1,191,600 from the Company. The Company believes that SOS and its president did not perform under the contract, and intends to vigorously defend itself against such claim as well as file a claim for fraud against SOS and its president. The Company believes that the suit filed by SOS and its president is without merit; however, we will have to pay costs associated with arbitrating this claim.
 
The Company has settled an action commenced by the law firm Cozen O’Connor seeking payment of approximately $195,000 in legal fees for services allegedly rendered by the firm in 2007. The Company has agreed to remit the sum of $3,000 per month for thirty (30) months, commencing on August 1, 2012 with a final payment of $114,670.66 due on January 1, 2015.
 
An action has been commenced against the Company seeking legal fees in the sum of approximately $47,700 allegedly incurred in connection with a Settlement Agreement dated April 13, 2009. The Company has settled this matter by agreeing to pay the total sum of $35,000, payable, (i) $15,000 upon the execution of a settlement agreement; (ii) $10,000 on the 120th day following the execution of the settlement agreement, and (iii) $10,000 following the 240th day of the settlement agreement.