Quarterly report pursuant to Section 13 or 15(d)

15. Lease Commitments

15. Lease Commitments
3 Months Ended
Mar. 31, 2017
Leases [Abstract]  
Lease Commitments

Rental expenses incurred for operating leases during the three months ended March 31, 2017 and 2016 were $35,160 and $35,007, respectively.


During the first quarter of 2015, the Company entered into an agreement for new office space to which it relocated its operations upon the expiration of its prior lease. Effective May 1, 2015, the Company began leasing approximately 3,251 square feet of general office space at 301 North Canon Drive, Suite 305, Beverly Hills, California 90210 pursuant to a 35-month sub-lease that commenced on May 1, 2015. The Company will pay $136,542 annually subject to annual escalations of 3%.


The following is a schedule of future minimum lease payments required by the non-cancelable operating lease agreement:


Year   Amount  
2017   $ 108,291  
2018     36,214  
    $ 144,505