Commitments and Contingencies

3 Months Ended

Mar. 31, 2012

Leases

In July 2009, the Company entered into a rental agreement for its new office, which is located in La Garenne-Colombes (near Paris, France). The operating lease expiring on June 30, 2012 was extended with the same terms and conditions for one additional period of three years. The operating lease was extended to June 30, 2015 with an automatic extension with the same terms and conditions for an additional period of three years. Under the initial lease, the annual rent was $27,343 (€20,500 Euros) excluding VAT. On April 1, 2010 this lease was amended for an annual rent of $24,318 (€18,232 Euros) excluding VAT. Rent expense associated with this lease for the periods ended March 31, 2012 and 2011 was $7,669 and $6,297, respectively. This agreement is transferable and can be cancelled with six months notice before each of the renewal dates.

At March 31, 2012, total minimum rentals under this operating lease with an initial or remaining term of one year or more is as follows:

Year Ending March 31,
2013	$	24,318
2014		24,318
2015		24,318
2016		6,080
Total	$	79,034

Legal Proceedings

From time to time, the Company is party to legal proceedings that arise in the normal course of business. We accrue for these items as losses become probable and can be reasonably estimated. While the results of these legal proceedings cannot be predicted with certainty, management believes that the final outcome of these proceedings will not have a material adverse effect on the Company’s future consolidated results of operations or financial position.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

BIOCORAL INC 10-Q