|
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.
|