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COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2016
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. The lease expires on September 30, 2018 and we have an option to extend the lease term for a period of five years. On February 18, 2015, we entered into an agreement with the same lessors to lease additional administrative office space in the same location, 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 rental expense related to our current lease during the three months ended March 31, 2016 and 2015 was $118,550 and $90,448, respectively.

 

As of March 31, 2016, future minimum rental payments are as follows:

 

Years Ending December 31,    
2016 (9 months)     $ 418,130  
2017       507,087  
2018       388,976  
Total minimum lease payments     $ 1,314,193