6. Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||
| Commitments And Contingencies | |||||||||||||||||||||||||||||||||||||
| 6. Commitments and Contingencies |
Operating Leases
The Company leases facilities under long-term operating lease agreements through May 2021. Rent expense was $99,994 and $100,914 for the years ended December 31, 2016 and 2015, respectively.
The future minimum rental payments to be made under long-term operating leases are as follows:
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.
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