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

7. Accrued Expenses

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7. Accrued Expenses
12 Months Ended
Dec. 31, 2012
Notes to Financial Statements  
7. Accrued Expenses

Accrued expenses consisted of the following at December 31, 2012 and December 31, 2011:

 

    December 31, 2012     December 31, 2011  
             
Accrued compensation   $ 50,923     $ 33,930  
Accrued settlement payable     -       40,000  
Other accrued expenses     210,384       93,598  
Accrued expenses   $ 261,307     $ 167,528  


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.  As of December 31, 2012, the settlement had been paid in full and no further amount was due.