Annual report pursuant to Section 13 and 15(d)

Commitments

v3.3.1.900
Commitments
12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments
Note 16 — 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, 2015 are as follows:
 
 
 
Total
 
 
 
Minimum
 
Year Ending
 
Lease
 
Dec 31,
 
Payments
 
 
 
 
 
2016
 
$
416,052
 
2017
 
 
348,089
 
2018
 
 
335,248
 
2019
 
 
335,248
 
2020
 
 
251,436
 
Total
 
$
1,686,073
 
 
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, 2015 and 2014 totaled $186,471 and $116,743, respectively.
 
The Company pursuant to its new office and manufacturing space has made commitments that total approximately $250,000 for its new clean room and other areas. These amounts are expected to be incurred during the first quarter of 2016.