Note 8 - Commitments

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

Note

8

-

Commitments

The Company’s principal executive offices are located in Princeton, New Jersey. Monthly rent is $75.

The engineering research, design and development facility is located in Fort Washington, Pennsylvania where the Company leases general office space under a lease agreement that was renewed in December 2010 and terminates in February 2016. The rent under the initial year was approximately $51,421 with a 30% increase in the second year and 2% - 3% increases each year thereafter. Rent is being expensed on a straight-line basis over the term of the lease.

The Company also leases a facility in Largo, Florida which supports production of the ADEPT product line and quality assurance, field support, and life cycle management. In October 2014, the Company entered into a lease for a period of one year at a monthly rent of

$2,143.

Total rent expense during 2014 and 2013 was $116,965 and $106,521, respectively. The Company has $84,047 in future obligations under non-cancellable operating leases that are due as follows:

2015		71,814
2016		12,233
	$	84,047