Quarterly report pursuant to Section 13 or 15(d)

Omaha Land Lease Rent Expense

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Omaha Land Lease Rent Expense
9 Months Ended
Sep. 30, 2016
Leases [Abstract]  
Leases of Lessee Disclosure [Text Block]
Note 9 – Omaha Land Lease Rent Expense
 
The Omaha facility land lease initially was to expire in 2023 with options to renew up to 60 years. However, the Company exercised two five-year lease renewal options and therefore the land lease currently expires in 2033, subject to future renewal options by the Company. Under the terms of the land lease, annual rents increase 12.5% every fifth anniversary of the lease. The initial land lease increase will occur in April 2017. During the three and nine months ended September 30, 2016, the Company expensed $18,153 and $54,461, respectively related to this lease. During the three and nine months ended September 30, 2015, the Company expensed $46,768 and $61,738, respectively related to this lease.
 
The aggregate minimum cash payments to be made by the Company on the non-cancelable Omaha facility related land lease in effect as of September 30, 2016, are as follows for the subsequent years ended December 31; as listed below.
 
2016
 
$
14,969
 
2017
 
 
59,877
 
2018
 
 
63,619
 
2019
 
 
67,362
 
2020
 
 
67,362
 
Thereafter
 
 
973,586
 
Total
 
$
1,246,775