Quarterly report pursuant to Section 13 or 15(d)

NOTE 9. COMMITMENTS AND CONTINGENCIES

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NOTE 9. COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2016
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 $39,315 and none for the nine months ended September 30, 2016 and September 30, 2015, respectively.

 

As of September 30, 2016, future minimum annual payments under operating lease agreements for years ending December 31 are as follows.

 

    2016     2017     2018     2019     2020     Total  
                                     
Operating leases     12,300       49,200       49,200       24,600       -       135,300  
    $ 12,300     $ 49,200     $ 49,200     $ 24,600     $ -     $ 135,300