Annual report pursuant to Section 13 and 15(d)

11. Commitments and Contingencies

11. Commitments and Contingencies
12 Months Ended
Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

There is no current or pending litigation of any significance with the exception of the matters that have arisen under, and are being handled in, the normal course of business.




On August 1, 2013, the Company entered into a non-cancellable lease with a 5-year term, expiring July 31, 2018 at a monthly rent of $13,075. On February 1, 2014, the Company amended its lease in order to reduce the leased area as well as the monthly lease to $5,830 per month.


Total rent expense during the years ended December 31, 2015, 2014 and 2013, was $69,960, $81,851 and $160,535 respectively which are included as part of Operating Expenses in the attached consolidated statements of operations. The following is a schedule by years of future minimum rental payments required under the non-cancellable office lease as of December 31, 2015.


Year ending     Non-cancellable  
December 31,     Office Leases  
  2016       69,960  
  2017       69,960  
  2018       40,810  
  Total     $ 180,730