Annual report pursuant to Section 13 and 15(d)

Commitments

v3.6.0.2
Commitments
12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments
Note 14 — Commitments
  
The Company has signed several lease agreements, with the largest being for its new office and manufacturing space under an operating lease that commenced October 3, 2015, that expires on October 3, 2020. The base rent contractual payment obligations under this operating lease will be $335,248 per year. The lease has an original five year term with an option by the Company to renew for two additional three year terms at pre-agreed to lease rates. The Company also leases small office spaces in England under a two year lease and under a one year lease arrangements in Japan.
 
Future minimum payments required under operating lease obligations as of December 31, 2016 are as follows:
 
 
 
Total
Minimum
 
Year Ending
Dec 31,
 
Lease
Payments
 
 
 
 
 
2017
 
$
369,352
 
2018
 
 
339,910
 
2019
 
 
335,248
 
2020
 
 
307,311
 
2021
 
 
-
 
Total
 
$
1,351,821
 
 
For the lease agreements described above, the Company is required to pay the pro rata share of the real property taxes and assessments, expenses and other charges associated with these facilities.
 
Rent expense for the years ended December 31, 2016 and 2015 totaled $482,147 and $186,471, respectively.