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Commitments and Contingencies Disclosure
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12 Months Ended |
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Dec. 31, 2014
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| Notes | |
| Commitments and Contingencies Disclosure |
10. COMMITMENTS AND CONTINGENCIES:
Lease Commitments - On July 18, 2012, the Company entered into a thirteen month lease for office space for its 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 ended June 30, 2014.
Upon movement of the Companys corporate headquarters to California, the Company assumed a lease of warehouse and office space for the equipment and operations located in Gardena, CA. The lease term continues through July 2015.
Total rent expense for the year ended December 31, 2014 and 2013 was $55,744 and $36,404, respectively.
The Companys remaining commitment under its current lease term for 2015 is approximately $20,000.
Purchase Commitments - During the year ended December 31, 2014, the Company had a commitment to its manufacturer to purchase equipment and parts totaling approximately $70,000. In December 2014, the Company paid the existing commitment in full. No future commitment exists at this time. |
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- Definition
The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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