Annual report pursuant to section 13 and 15(d)

NOTE 11 - COMMITMENTS AND CONTINGENCIES

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NOTE 11 - COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2011
Commitments and Contingencies Disclosure [Text Block]
NOTE 11 - COMMITMENTS AND CONTINGENCIES

Operating Leases

The Company leases approximately 7,000 square feet of space in, Livingston, NJ  07039 and pays rent on a month to month basis in the amount of $6,333, which includes escalation charges for real estate taxes and other common area maintenance.  The lease expires March 21, 2016. The Company uses its facilities to house its corporate headquarters and operations and believe that these facilities are suitable for such purpose.  Total rent expense under these operating leases for the year ended December 31, 2011 and 2010 was $87,950 and $76,000, respectively.

The Company pays rent to an officer of SWK Technologies, Inc for the rental of office space. For the years ended December 31, 2011 and 2010, the Company paid $25,200.

The following is a schedule of approximate future minimum rental payments for operating leases subsequent to the year ended December 31, 2011.

2012
  $ 75,996  
2013
    75,996  
2014
    75,996  
2015
    78,000  
2016
    81,000  

Employment agreements

See Note 5 to the Financial Statements for information related to the employment agreement of Mark Meller.