Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments

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Lease Commitments
6 Months Ended
Jun. 30, 2016
Lease Commitments [Abstract]  
LEASE COMMITMENTS
4. LEASE COMMITMENTS

 

On March 1, 2016 the Company entered into a three year lease for 4,498 square feet of retail space and opened its 9th store located in Denver Colorado at a monthly rate of $3,650.

 

The Company leases its store facilities under operating leases ranging from $850 to $5,600 per month. The following is a schedule of future minimum rental payments required under the term of the operating leases as of June 30, 2016:

 

  12 months Ending June 30,   Amount  
  2017   $ 267,940  
  2018     208,989  
  2019     141,917  
  2020     86,720  
  2021     16,800  
  Thereafter     -  
      $ 722,366  

 

Rent expense under all operating leases for the six months ending June 30, 2016 and 2015 was $128,792 and $38,900, respectively.