Note 9 - Rent Obligation

12 Months Ended

Dec. 31, 2018

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

NOTE

9–

RENT OBLIGATION

Precision’s corporate offices are located at

2915

Commers Drive, Suite

900,

Eagan, Minnesota

55121.

November 22, 2017,

the Company signed a

second

amendment to its lease last amended on

January 28, 2013.

The lease as amended has a

three

-year term effective

February 1, 2018

ending

January 31, 2021.

The Company leases

5,773

square feet at this location, of which

2,945

square feet is used for office space and

2,828

is used for manufacturing. The Company expects that this space will be adequate for our current office and manufacturing needs.

Skyline Medical Europe’s offices are located at

Chemin de la Fraite –

1380

Ohain, Belgium. The lease agreement was signed

April 24, 2018

and started on

June 15, 2018.

The Company leases around

2,000

square feet at this location,

300

of which is used for storage and

1,250

for office space. The lease is effective through

June 14, 2027.

We expect that this space will be adequate for our current office and storage needs. Rent expense is

3,000

Euros Per month.

Rent expense was

$69,013

and

$66,122

for

2018

and

2017,

respectively.

The Company’s rent obligation for the next

five

years are as follows:

2019	$	80,320
2020		82,320
2021		43,320
2022		40,320
2023		40,320
Thereafter		161,280