Annual report pursuant to Section 13 and 15(d)

NOTE 9. COMMITMENTS AND CONTINGENCIES

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NOTE 9. COMMITMENTS AND CONTINGENCIES
12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
NOTE 9. COMMITMENTS AND CONTINGENCIES

Operating Leases

 

The Company leases its office space under a long-term operating lease expiring in June 2019. Rent expense under this lease was $24,600 and none for the years ended December 31, 2015 and 2014, respectively.

 

As of December 31, 2015, future minimum annual payments under operating lease agreements for years ending December 31 are as follows.

 

    2016     2017     2018     2019     2020     Total  
                                     
Operating leases     49,200       49,200       49,200       24,600       -       172,200  
    $ 49,200     $ 49,200     $ 49,200     $ 24,600     $ -     $ 172,200