Quarterly report pursuant to Section 13 or 15(d)

Contractual Obligations

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Contractual Obligations
6 Months Ended
Jun. 30, 2017
Contractual Obligations [Abstract]  
Contractual Obligations
Note 12 — Contractual Obligations
 
The Company is party to several lease agreements, with the largest being for its 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 June 30, 2017 are as follows:
 
 
 
Total
 
 
 
Minimum
 
 
 
Lease
 
 
 
Payments
 
2017 (6 months remaining)
 
 
183,604
 
2018
 
 
339,910
 
2019
 
 
335,248
 
2020
 
 
307,311
 
2021
 
 
-
 
Total
 
$
1,166,073
 
  
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 six months ended June 30, 2017 and 2016 totaled $228,509 and $246,704, respectively.