Annual report pursuant to Section 13 and 15(d)

Commitments

v3.7.0.1
Commitments
 12 Months Ended
Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]  
Commitments

Note 18 - 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. Under the terms of the lease.
     
    Rent expense, including related CAM charges for the years ended December 31, 2016 and 2015 was $161,160 and $161,281.
     
    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       132,000       5,130       137,130