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Commitments and Contingencies Note
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3 Months Ended |
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Mar. 31, 2014
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| Notes | |
| Commitments and Contingencies Note |
9. COMMITMENTS AND CONTINGENCIES:
Lease Commitments - On July 18, 2012, the Company entered into a thirteen month lease for office space for our corporate headquarters located in Greenwood Village, Colorado. Under the terms of the lease agreement, the Company leased approximately 2,244 square feet of general office space. The lease term commenced on July 23, 2012 and continues through June 2014.
The Company also has a lease of warehouse and office space for our equipment and operations located in Gardena, CA. The lease term continues through July 2015.
Total rent expense for the three months ended March 31, 2014 and 2013 was $19,099 and $8,819, respectively.
The Companys remaining commitment under its current lease terms through July 2015 is approximately $90,000.
Purchase Commitments - As of March 31, 2014, the Companys outsourced manufacturing company has begun fabrication of our equipment resulting in a commitment to purchase the finished equipment totaling approximately $70,000. |