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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 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 total future minimum payments over the life of the lease of $1,899,414. The straight line rental expense related to our office lease totaled $90,448 for the three months ended September 30, 2014, partially offset by rent income of $5,993. The straight line rental expense related to our office lease totaled $271,345 for the nine months ended September 30, 2014, partially offset by rent income of $41,953. The rental expense for the nine months ended September 30, 2013 was approximately $150,000.

 

As of September 30, 2014, future minimum rental payments for our office lease are as follows:

 

Years Ending December 31,   
2014 (3 months)  $91,438 
2015   371,240 
2016   382,377 
2017   393,848 
2018   302,748 
Total minimum lease payments  $1,541,651