Quarterly report pursuant to Section 13 or 15(d)

Contractual Obligations

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Contractual Obligations
3 Months Ended
Mar. 31, 2018
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 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 under a five-year lease, England under a two-year lease and in Japan under a two-year lease arrangement.
 
Future minimum payments required under operating lease obligations as of March 31, 2018 are as follows:
 
 
 
Total
Minimum
Lease Payments
 
2018 (9 months remaining)
 
$
332,932
 
2019
 
$
443,910
 
2020
 
$
383,483
 
2021
 
$
7,816
 
2022
 
 
9,119
 
Total
 
$
1,177,260
 
  
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, 2018 and 2017 totaled $112,896 and $110,369, respectively.