Annual report pursuant to Section 13 and 15(d)

Rent And Lease Expense

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Rent And Lease Expense
12 Months Ended
Dec. 31, 2014
Accounting Policies [Abstract]  
Rent and Lease Expense

NOTE 6 - RENT AND LEASE EXPENSE

 

The Company leases approximately 2,314 square feet at 4643 South Ulster Street, Denver, Colorado pursuant to a lease dated January 31, 2015. The lease period will commence upon substantial completion of the tenant improvements which is estimated to be May 1, 2015 and expires July 31, 2020. Under the lease, the Company will pay annual base rent beginning August 1, 2015 on an escalating scale ranging from $63,635 to $68,263.

 

The Company’s wholly-owned subsidiary E.A.J.: PHL, Airport Inc. leases approximately 845 square feet in the Philadelphia Airport, Philadelphia, Pennsylvania, pursuant to a lease dated July 6, 2010. E.A.J.: PHL, Airport Inc. pays $14,000 per month basic rent, plus percentage rent equal to 20% of gross revenues above $1,200,000, under the lease, which expires April 30, 2017.

 

The minimum future lease payments under these leases for the next five years are:

 

Year Ended December 31,   Amount
2015     $ 194,515  
2016       232,117  
2017       121,275  
2018       66,431  
2019       67,588  
Thereafter       39,820  
Total Five Year Minimum Lease Payments      $ 721,746  

  

Rent expense for the years ended 2014 and 2013 was $253,819 and $215,729, respectively. In addition to the minimum basic rent, rent expense also includes approximately $3,400 per month for other items charged by the landlord in connection with rent.