Quarterly report pursuant to Section 13 or 15(d)

Contractual Obligations

v3.7.0.1
Contractual Obligations
3 Months Ended
Mar. 31, 2017
Contractual Obligations [Abstract]  
Contractual Obligations
Note 12 — Contractual Obligations
 
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 Company also leases small office spaces in England under a two-year lease and under a one year lease arrangement in Japan.
 
Future minimum payments required under operating lease obligations as of March 31, 2017 are as follows:
  
 
 
Total
 
 
 
Minimum
 
 
 
Lease
 
 
 
Payments
 
2017 (9 months remaining)
 
 
276,503
 
2018
 
 
339,910
 
2019
 
 
335,248
 
2020
 
 
307,311
 
2021
 
 
-
 
Total
 
$
1,258,972
 
  
Under 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 three months ended March 31, 2017 and 2016 totaled $110,369 and $123,814, respectively.