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COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 15 – 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. On February 18, 2015, we entered into an agreement to lease additional administrative office space in Boca Raton, Florida, pursuant to an addendum to such lease. This addendum was effective beginning April 1, 2015 and will expire with the original lease term on September 30, 2018.

 

The straight line rental expense related to our current lease totaled approximately $119,000 and $90,000 for the three months ended September 30, 2015 and 2014, respectively, and approximately $328,000 and $271,000 for the nine months ended September 30, 2015 and 2014, respectively. The 2014 amounts were partially offset by the rent income of approximately $6,000 and $42,000, respectively, for sublet space. We did not sublet any space during the nine months ended September 30, 2015.

 

As of September 30, 2015, future minimum rental payments are as follows:

 

Years Ending December 31,    
  2015 (3 months)     $ 121,698  
  2016       493,790  
  2017       507,087  
  2018       388,976  
  Minimum lease payments     $ 1,511,551