Quarterly report pursuant to Section 13 or 15(d)

COMMITMENTS AND CONTINGENCIES

v3.5.0.2
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
NOTE 17 - COMMITMENTS AND CONTINGENCIES

Operating leases

 

On March 9, 2016, the Company entered into a lease amendment and expansion agreement, whereby the Company agreed to lease office space in Anaheim, California, commencing July 1, 2016 and expiring on June 30, 2019.

 

As of June 30, 2016, future minimum lease payments for office space are as follows:

 

Six months ended December 31, 2016   $ 25,272  
Year ended December 31, 2017     51,330  
Year ended December 31, 2018     52,903  
Year ended December 31, 2019     26,844  
    $ 156,349  

 

Rent expense charged to operations, which differs from rent paid due to rent credits and to increasing amounts of base rent, is calculated by allocating total rental payments on a straight-line basis over the term of the lease.