Annual report pursuant to Section 13 and 15(d)

6. Commitments and Contingencies

v2.4.0.8
6. Commitments and Contingencies
 12 Months Ended
Dec. 31, 2013
Commitments And Contingencies  
6. Commitments and Contingencies

Operating Leases

 

The Company leases facilities under long-term operating lease agreements through May 2017.  Rent expense was $95,297 and $89,597 for the years ended December 31, 2013 and 2012, respectively.

 

The future minimum rental payments to be made under long-term operating leases are as follows:

 

Year ending December 31,: 2014   $ 99,255  
  2015     102,232  
  2016     105,299  
  2017     44,414  
Total minimum rent payments     $ 351,200  

 

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.