Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

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Lease Obligations
9 Months Ended
Sep. 30, 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       40,096  
  2016       161,588  
  2017       166,435  
  2018       127,614  
          495,733  

Total rent expense under these operating type leases for the nine months ended September 30, 2015 and 2014 was $116,000 and $113,000, respectively.