Annual report pursuant to Section 13 and 15(d)

Lease Obligations

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Lease Obligations
12 Months Ended
Dec. 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:

 

2016       161,588  
2017       166,435  
2018       127,614  
        455,637  

 

Total rent expense under these operating type leases for the year ended December 31, 2015 and 2014 was $157 thousand and $152 thousand respectively.