Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.19.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

15.

Commitments and Contingencies

 

During 2014, the Company entered into a five-year lease for a total of 5,979 square feet. The lease expires September 30, 2019 and the Company is currently in the process of evaluating its operations to determine the proper space required for its current operations, as well as that there are spaces available sufficient for any future expansion requirements should the need arise.


Rent expense was $305,391 and $226,001 for the years ended December 31, 2018 and 2017, respectively.  In 2018, Pelican entered into a five-year lease for a total of 5,156 square feet. The Company’s approximate future minimum payments for its operating lease obligations that have initial remaining non-cancelable terms in excess of one year are as follows:


Years ending December 31,

 

 

 

 

 

 

 

2019

 

 

309,729

 

2020

 

 

115,580

 

2021

 

 

118,158

 

2022

 

 

120,736

 

2023

 

 

20,194

 

Total

 

$

684,397