Annual report pursuant to Section 13 and 15(d)

Note 7 - Commitments and Contingencies

v3.20.1
Note 7 - Commitments and Contingencies
 12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
7.
           Commitments and Contingencies
 
Operating Leases
 
The Company leases its facility under a long-term operating lease agreement through
May 2021.
Rent expense was
$104,487
and
$104,487
for the years ended
December 31, 2019
and
2018,
respectively.
 
The future minimum rental payments to be made under long-term operating leases are as follows:
 
Year ending December 31,:
2020
   $
110,086
  
 
2021
    
46,433
  
Total minimum rent payments
   $
156,519
  
 
The above minimum lease payments reflect the base rent under the lease agreements. However, these base rents can be adjusted each year to reflect the Company’s proportionate share of increases in the building’s operating costs and the Company’s proportionate share of real estate tax increases on the leased property.