Commitments and Contingencies

9 Months Ended

Sep. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

10. Commitments and Contingencies

Employment Agreements

The Company has entered into employment agreements with four of its key executives. Under their respective agreements, the executives serve at will and are bound by typical confidentiality, non-solicitation and non-competition provisions. Deferred compensation for the founders of the Company, as disclosed in note 9 above, is still outstanding as of September 30, 2016.

Operating Leases

On January 1, 2010, the Company entered into an agreement to lease 6,000 rentable square feet of office space in Columbus, Ohio at a monthly rent of $3,375. The lease commenced on January 1, 2010 and, pursuant to a lease extension dated August 14, 2014, the lease expires on December 31, 2016. On August 9, 2016, the Company entered into an amendment to extend the lease through December 31, 2021.

Future minimum lease payments under this operating lease are as follows:

For the Twelve Months Ending
September 30,	Amount
2017	$	47,925
2018		51,372
2019		52,668
2020		53,964
2021		55,314
Thereafter		13,914
Total	$	275,157

Rent expense charged to operations for the three and nine months ended September 30, 2016 and 2015 amounted to $10,125 and $30,375, and $10,125 and $30,375, respectively.