Quarterly report pursuant to Section 13 or 15(d)


9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  

The Company entered into an agreement with Platinum Standard, LLC (“Platinum”) to be the operator of Black Oak Gallery. Beginning on April 1, 2016 the Company will pay Platinum $500,000 for the first fiscal year, $550,000 for the second fiscal year and $600,000 for the third fiscal year.


The Company leases certain business facilities under operating lease agreements that specify minimum rentals. Many of these have renewal provisions along with the option to acquire the property. The Company’s net rent expense for the nine months ended September 30, 2016 and 2015 was $431,959 and $379,166, respectively. Future minimum lease payments under non-cancelable operating leases having an initial or remaining term of more than one year are as follows:


Year Ending December 31:   Payments  
2016   $ 541,656  
2017     487,518  
2018     478,587  
2019     342,336  
2020     256,173  
2021 and thereafter     2,021,484  
Total minimum rental payments   $ 4,127,754