11 COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

6 Months Ended

Jun. 30, 2016

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

11. COMMITMENTS, CONTINGENCIES AND UNCERTAINTIES

Capital Lease

MGD leased certain machinery and equipment in 2014 and 2013 under an agreement that is classified as a capital lease.  The cost of equipment under capital leases is included in the balance sheets as property, plant and equipment and was $0 and $0 at December 31, 2015 and 2014, respectively.  Accumulated depreciation of the leased equipment was $0 as of June 30, 2016 and December 31, 2015.

Operating Lease

IPIC is currently obligated under two operating leases for office spaces and associated building expenses.  Both leases are on a month to month basis.