Note 15 — Contractual Obligations

The Company leases office and manufacturing space under operating leases that expire on September 30, 2015 through to September 27, 2017. Company’s total contractual payment obligations for these operating leases as of September 30, 2015 total $68,718.

The Company signed a lease agreement for new office and manufacturing space under an operating lease that commenced October 3, 2015. The base rent contractual payment obligations under this operating lease will be $335,248 per year. The lease has an original five year term with an option by the Company to renew for two additional three year terms at pre-agreed to lease rates. The Company’s total contractual payment obligations for these new premises over the next five years is $1,676,240.

The Company pursuant to its new office and manufacturing space has made commitments net of landlord allowances for additional leasehold improvements, cleanroom equipment, office furniture, various IT, telco and security equipment expected to total approximately $987,000 at its new location. These amounts are expected to be incurred during the fourth quarter of 2015.