ROTATE BLACK INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - December 7, 2012

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EX-31.1 - CERTIFICATION - ROTATE BLACK INCrobk_ex311.htm
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EX-31.2 - CERTIFICATION - ROTATE BLACK INCrobk_ex312.htm
10-Q - QUARTERLY REPORT - ROTATE BLACK INCrobk_10q.htm
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EXCEL - IDEA: XBRL DOCUMENT - ROTATE BLACK INCFinancial_Report.xls
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v2.4.0.6
13. Lease
 9 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
13. Lease

On August 8, 2008, the Company entered into a lease for office space, commencing on September 1, 2008 through August 31, 2011.  Rent is payable in advance, in annual installments.  The initial year’s rent was $46,200, increasing as defined.  The Company has an option to extend the lease for an additional three-year period.

 

An agreed Judgment was filed against the Company in the 57th Circuit Court, Judicial District, State of Michigan, in the amount of $38,668 on February 25, 2011 by the landlord of the real estate lease dated August 8, 2008.  Subsequently, a Real Estate Lease Addendum and Affirmation of Debt was agreed to and effective as of May 2, 2011 providing for a week-to-week lease commencing May 2, 2011, at $5,000, per week and to repay the debt owed of $40,373.11 by May 31, 2011.

 

As of June 30, 2011, the Company has commenced payment of the week-to-week lease and as of March 31, 2012, has a liability to the landlord of $53,176.

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