Quarterly report pursuant to Section 13 or 15(d)

Commitments

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Commitments
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Note 15 - Commitments

 

The Company leases its facility in West Deptford, New Jersey under an operating lease with annual rentals of $132,000 plus common area maintenance (CAM) charges. The lease, which took effect on January 1, 2008, reduced the CAM charges allowing the Company to reach their own agreements with utilities and other maintenance providers.

 

On January 7, 2013, the Company extended its lease agreement for a term of 7 years, expiring December 31, 2019.

 

Rent expense, including related CAM charges for the three months ended March 31, 2017 and 2016 was $40,487 and $40,290.

 

The Company entered into a 60-month operating lease for equipment with annual rentals of $6,156 on September 29, 2014. The lease commenced on October 21, 2014 upon the delivery of the equipment.

 

The schedule of lease commitments is as follows:

 

    Building     Equipment        
    Lease     Lease     Total  
Next 12 Months   $ 132,000     $ 6,156     $ 138,156  
Next 13-24 Months     132,000       6,156       138,156  
Next 25-36 Months     99,000       3,591       102,591