|
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.
|