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General form of registration statement for all companies including face-amount certificate companies

5a. Accrued Expenses

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5a. Accrued Expenses
9 Months Ended 12 Months Ended
Sep. 30, 2012
Dec. 31, 2011
Payables and Accruals [Abstract]    
5a. Accrued Expenses

 

Accrued expenses consisted of the following at December 31, 2011 and December 31, 2010:

 

    December 31, 2011     December 31, 2010  
             
Accrued compensation   $ 33,930     $ 89,847  
Accrued settlement payable     40,000       100,000  
Other accrued expenses     93,598       76,269  
Accrued expenses   $ 167,528     $ 266,116  


In October 2009, the Company entered into an agreement with Glen Oaks College (“Glen Oaks”) whereby Glen Oaks would provide technical training to Aspen students.  Under the agreement, the Company received $100,000 from Glen Oaks in order to develop and obtain the necessary approvals to begin the program.  On May 20, 2011, Glen Oaks filed suit against the Company to return the $100,000 when the agreement was not performed.  On June 23, 2011, the Company agreed to settle the matter and paid Glen Oaks $5,000 on that date.  On July 22, 2011, the Company and Glen Oaks entered into a settlement agreement whereby the Company agreed to pay Glen Oaks as follows: (i) $5,000 upon execution of the settlement agreement and (ii) $10,000 per month for nine consecutive months commencing August 1, 2011.  As of December 31, 2011, the remaining settlement payable to Glen Oaks was $40,000.