• Filing Date: 2018-01-12
  • Form Type: 10-Q
  • Description: Quarterly report
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LEASE COMMITMENTS
9 Months Ended
Sep. 30, 2017
Leases [Abstract]  
LEASE COMMITMENTS

NOTE 6 LEASE COMMITMENTS 

 

Laguna Beach Office 

 

The Company is obligated under a commercial real estate lease agreement. The lease is for a term of 60 months which began February 1, 2016 and expires January 31, 2021. The lease calls for current monthly rental payments of $3,438. 

 

Dallas Office 

 

The Company was obligated under a commercial real estate sublease agreement. The sublease was for a term of seven months which began on August 1, 2016 and expired on February 28, 2017. The lease called for current monthly rental payments of $2,200. 

 

Rental expense for the nine months ended September 30, 2017 and 2016 was $28,538 and $35,337, respectively. Future minimum rental payments for the remaining terms are as follows: 

 

Year Ending December 31,     Amount  
2018 – remaining three months     $ 10,314  
2019       41,256  
2020       41,256  
2021       3,438  
Total     $ 96,264