Quarterly report pursuant to Section 13 or 15(d)

Contractual Obligations

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Contractual Obligations
9 Months Ended
Sep. 30, 2018
Contractual Obligations [Abstract]  
Contractual Obligations
Note 13 – Contractual Obligations
 
The Company is party to several lease agreements, with the largest being for its office and manufacturing facility under an operating lease that commenced October 3, 2015 and expires on October 3, 2020. The Company also leases small office spaces in Spain (five-year lease), England (two-year lease) and Japan (two-year lease).
 
Future minimum payments required under operating lease obligations as of September 30, 2018 are as follows:
 
   
Total

Minimum

Lease Payments
 
2018 (3 months remaining)
 
$
110,546
 
2019
   
442,185
 
2020
   
382,702
 
2021
   
7,632
 
2022
   
8,904
 
Total
 
$
951,969
 
 
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 September 30, 2018 and 2017 totaled $117,372 and $115,718, respectively. Rent expense for the nine months ended September 30, 2018 and 2017 totaled $349,168 and $344,227, respectively.