OPERATING LEASES

9 Months Ended

Sep. 30, 2014

NOTE 12 - OPERATING LEASES

For the three and nine months ended September 30, 2014, total rent expense under leases amounted to $24,459 and $59,952. For the three and nine months ended September 30, 2013, total rent expense under leases amounted to $17,532 and $35,876. At September 30, 2014, the Company was obligated under various non-cancelable operating lease arrangements for property as follows:

2014	$	18,234
2015		74,637
2016		31,605
	$	124,476

- 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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