Quarterly report pursuant to Section 13 or 15(d)

Lease Commitments

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Lease Commitments
9 Months Ended
Sep. 30, 2016
Lease Commitments [Abstract]  
LEASE COMMITMENTS
4. LEASE COMMITMENTS

 

On July 19, 2016 the Company entered into a 2 year lease agreement for its tenth retail store in Fairplay, Colorado. The Company began operations in Fairplay, Colorado on August 1, 2016. The lease agreement requires monthly rental payments of $1,085 through July 31, 2018.

 

On September 27, 2016 the Company entered into a lease agreement for its eleventh retail store in Castle Rock, Colorado. The term of the lease is October 1, 2016 through September 30, 2019 and requires monthly payments of $1,775 through September 30, 2017; $1,980 through September 30, 2018 and $2,138 through September 30, 2019.

 

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 September 30, 2016:

 

  12 months Ending September 30, Amount
  2017 $ 344,265
  2018   261,851
  2019   196,083
  2020   117,476
  2021   53,966
  Thereafter   53,397
    $ 1,027,038

 

Rent expense under all operating leases for the nine months ending September 30, 2016 and 2015 was $204,349 and $64,050, respectively.