Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v2.4.1.9
Commitments and Contingencies
3 Months Ended
Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
5.

COMMITMENTS AND CONTINGENCIES

Operating Lease Commitment

On May 30, 2014, the Company entered into a commercial lease for 2,387 square feet of office space in Norwood, MA. The lease commenced on July 1, 2014 and is for a three year term. The lease also requires a standby letter of credit of $13,730 payable in favor of the landlord (See Note 3).

Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at March 31, 2015, the future minimum rent commitments are as follows for the years ended December 31:

 

2015 (remainder of year)

$ 41,773   

2016

  56,511   

2017

  28,464   
  

 

 

 

Total

$ 126,748   
  

 

 

 

Total rent expense for the three months ended March 31, 2015, was $13,725. There was no rent expense incurred for the three months ended March 31, 2014.