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Commitments and Contingencies
12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

11. Commitments and Contingencies


The Company conducts its operations in leased facilities under a non-cancelable operating lease expiring in 2019.


Future minimum lease payments under non-cancelable operating leases with initial or remaining terms of one year or more at December 31, 2014 are: $44,900 – 2015; $46,200 – 2016; $47,400 –2017; $48,600 – 2018 and $16,300 – 2019.


Total rental expense under operating leases was $44,400, $44,200 and $44,800 in 2012, 2013 and 2014 respectively.


The Company has an employment agreement, expiring in May 2016, with Michael A. Feinstein, M.D., its Chairman of the Board and Chief Executive Officer. The employment agreement contains one-year renewal provisions that become effective after the original term. Dr. Feinstein receives base compensation of $85,000 per year plus a performance bonus determined by the Company’s Board of Directors. The Company has an employment agreement, expiring in March 2016, with Terry W. Stovold, its Chief Operating Officer, whereby Mr. Stovold receives a salary set by the Company’s Board of Directors, currently set at $75,000, along with a commission of seven percent on sales generated by his efforts. The employment agreement contains one-year renewal provisions that become effective after the original term. Future minimum compensation payments under these employment agreements are: $160,000 to be paid in 2015 and $54,200 to be paid in 2016.


From time to time, the Company may be subject to legal proceedings and claims that arise in the ordinary course of its business.