Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

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Lease Obligations
6 Months Ended
Jun. 30, 2016
Lease Obligations [Abstract]  
LEASE OBLIGATIONS
6. LEASE OBLIGATIONS

 

On October 1, 2011 the Company began leasing operating facilities under an agreement expiring on March 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   $ 81,395  
  2017     166,435  
  2018     127,614  
      $ 415,541  

 

Total rent expense under these operating type leases for the six months ended June 30, 2016 and 2015 was $80,192 and $75,967, respectively.