Operating Leases

3 Months Ended

Mar. 31, 2015

NOTE 12 – OPERATING LEASES

For the three months ended March 31, 2015 and 2014, total rent expense under leases amounted to $19,369 and $17,727. At March 31, 2015, the Company was obligated under various non-cancelable operating lease arrangements for property as follows:


2015		56,403
2016		31,605

	$	88,008

The Company has advised the landlord that the Company was not going to continue to occupy the space at 3112 M. Street, NW, Washington, DC effective May 1, 2015. Settlement negotiations regarding the lease balance are underway.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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