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LEASES
 6 Months Ended
Jun. 30, 2016
Notes to Financial Statements  
Note 6 - LEASES

The Company conducts its operations from an office located in Chicago, Illinois for which beginning in February 2014, we paid rent of approximately $710 per month for our office through December 31, 2014. Effective January 1, 2015, the monthly rent expense is $730, which has been paid through December 31, 2015. The lease expired as of November 30, 2015, however, the Company has negotiated and entered into a new lease that commenced as of June 1, 2016. Rent expense for the three and six months ended June 30, 2016, was $709 and $709, respectively. Rent expense for the three and six months ended June 30, 2015, was $2,244 and $5,801, respectively.

 

The offices of Amplerissimo are located in Cyprus for which we paid approximately $110 per month under a one year lease which expired in July 2013 and was renewed through July 2015, whereupon rent continued to be paid by the Company on a month to month basis. Rent expense for the three and six months ended June 30, 2016 was $330 and $660, respectively. Rent expense for the three and six months ended June 30, 2015 was $330 and $660, respectively.

 

The offices of SkyPharm are located in Greece, Thessaloniki, for which we paid approximately €4,480 ($4,975) per month under a six year lease that commenced September 2014. In December 2015, the lease was revised to include an additional rental of the first floor at a rate of €829 ($921) per month. The lease was further revised in March 2016 to include another additional rental of the first floor at a rate of €829 ($921) per month beginning in May 2016. Rent expense for the three and six months ended June 30, 2016 was €17,754 ($19,856) and €33,682 ($37,670) respectively. Rent expense for the three and six months ended June 30, 2015 was €12,975 ($14,640) and €25,950 ($28,696) respectively.