Contractual Commitments:

3 Months Ended

Mar. 31, 2016

Note 4 – Contractual Commitments:

The Company has entered into employment agreements with each of the executive officers of the Company. The agreements for these officers have remaining terms as of March 31, 2016 extending through the end of 2017 or 2018, subject to annual renewals, providing for aggregate base salaries of approximately $507,000 for the remainder of 2016 and $676,000 for each of the years 2017 and 2018.

On September 4, 2014, the Company entered into a long-term lease for 4,000 square feet of office space in Newark, New Jersey. The lease commenced on September 1, 2014 and expires on December 1, 2017 and has two (2) one-year renewal options. The base rent is payable, commencing December 1, 2014, at an annual rate of $88,000 with no increases during the lease term and renewal terms. In addition, commencing September 1, 2014, the Company is obligated to pay its share of common area charges.