• Filing Date: 2017-08-21
  • Form Type: 10-Q
  • Description: Quarterly report
v3.7.0.1
Note 7 - Commitments and Contingencies
3 Months Ended
Jun. 30, 2017
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
NOTE 
7
 - COMMITMENTS AND CONTINGENCIES
 
We lease our office and manufacturing facility under a non-cancelable operating lease, which expires on
June 30, 2019.
The Company’s future minimum lease commitment at
June 30, 2017
is as follows: 
 
 
For the twelve months ended June 30,
 
 
Period
 
Per year
 
  2018
  $
104,625
 
         
    $
104,625
 
 
Rent and real estate tax expense for all facilities for the
three
months ended
June 30, 2017
and
2016
was approximately
$32,000
for each period. 
 
On
December 2, 2016,
the Company entered into a capital lease agreement with a commercial bank in the amount of
$85,680,
including
$6,930
in deferred interest, for the purchase of certain property and equipment. The lease has a term of
forty-eight
(
48
) months and is payable in
forty-eight
equal installments of
$1,785.
The balance of this obligation as of
June 30, 2017,
was
$67,266.
 
On
December 2, 2016,
the Company entered into a capital lease agreement with a commercial bank in the amount of
$54,710,
including
$4,710
in deferred interest, for the purchase of certain property and equipment. The lease has a term of
forty-eight
(
48
) months and is payable in
forty-eight
equal installments of
$1,139.
The balance of this obligation as of
June 30, 2017,
was
$42,708.