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COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 16 – COMMITMENTS AND CONTINGENCIES

 

We lease administrative office space in Boca Raton, Florida pursuant to a 63 month non-cancelable operating lease that commenced on July 1, 2013 and expires on September 30, 2018. The lease stipulates, among other things, average base monthly rents of $30,149 (inclusive of estimated operating expenses) and sales tax, for a total future minimum payments over the life of the lease of $1,899,414.

 

The straight line rental expense related to our current lease totaled $90,448 and $180,896 for the three and six months periods ended June 30, 2014 offset by rent income of $35,960. The rental expense related to our prior lease, which expired June 30, 2013 totaled $60,168 for the six months ended June 30, 2013.

 

 As of June 30, 2014, future minimum rental payments are as follows:

 

Years Ending
December 31,		    
2014 (6 months)  $182,877 
2015   371,240 
2016   382,377 
2017   393,848 
2018   302,748 
Total minimum lease payments  $1,633,090