COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2016

COMMITMENTS AND CONTINGENCIES [Text Block]

NOTE 10 - COMMITMENTS AND CONTINGENCIES

The Company has entered into several lease agreements with terms expiring up to December 1, 2034 for geothermal properties.

The Company’s total lease costs are summarized as follows:

		For the Six Months Ended,
		June 30,
		2016		2015
Minimum lease payments	$	246,964	$	153,598
Royalty based contingent lease payments		162,663		129,834
	$	409,627	$	283,432

The following is the total contracted lease operating obligations for the next five years:

Years Ending
December 31,		Amount
2016	$	502,259
2017		994,906
2018		1,019,465
2019		914,152
2020		886,704
Thereafter		14,805,095