Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
 12 Months Ended
Dec. 31, 2016
Leases [Abstract]  
Leases

NOTE 13 – LEASES

 

Hawaii Research Center

 

The Company entered into a lease for laboratory and office space on May 9, 2006. This lease was amended on September 7, 2011, and October 30, 2012. This lease expired on October 31, 2014, after which the terms converted to month-to-month. The Company vacated the space in February 2015. Total rent expense under this agreement as amended was $3,437 and $12,718 for the years ended December 31, 2016 and 2015, respectively. The $3,437 of rent expense for the year ended December 31, 2016, was related to common area maintenance reconciliation.

 

Manoa Innovation Center

 

The Company entered into an automatically renewable month-to-month lease for office space on August 13, 2010. Under the terms of this lease, the Company must provide a written notice 45 days prior to vacating the premises. Total rent expense under this agreement as amended was $32,049 and $31,479, for the years ended December 31, 2016 and 2015, respectively.