Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 6 - Commitments and Contingencies

 

Operating Leases

 

The Company currently leases two office spaces in Melville, NY, and one in Warwick, RI.

 

Location one in Melville calls for monthly payments of $8,382 with a lease terminating in August 31, 2019. Location two in Melville calls for monthly payments of monthly payments of $7,189 starting April, 2018, escalating to $8,334. The term of the lease is 5 years and 3 months and will end on July 31, 2023.

 

The lease for office space in Warwick, RI calls for monthly payments of $2,324 beginning February 1, 2015 which escalates to $2,460 on February 1, 2017. This lease commenced on February 1, 2015 and continues through January 31, 2019.

 

Minimum obligations under these lease agreements are as follows:

 

For the Twelve Months Ending June 30,        
         
2019     $ 208,170  
2020       107,234  
2021       92,665  
2022       95,445  
2023       89,732  
      $ 593,246  

 

Rent expense for the six months ended June 30, 2018 and 2017 was $91,163 and $104,703, respectively.