Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

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Lease Obligations
3 Months Ended
Mar. 31, 2015
Lease Obligations [Abstract]  
LEASE OBLIGATIONS
6. LEASE OBLIGATIONS

 

On October 1, 2011 the Company began leasing operating facilities under an agreement expiring on September 30, 2018.  Future minimum monthly lease payments under the agreement are currently $12,598 and increase 3% in October of each year.  Prepaid expenses and deposits include a security deposit equal to $12,275.  Aggregate maturities of lease obligations are as follows:

 

             
  2015       117,953  
  2016       161,588  
  2017       166,435  
  2018       127,614  
          651,446  

 

 

Total rent expense under these operating type leases for the three months ended March 31, 2015 and 2014 was $39 thousand and $37 thousand, respectively, and $518 thousand for the period from inception to March 31, 2015.