14. LEASES, COMMITMENTS AND CONTINGENCIES On August 4, 2011, the Company entered into a lease for office space of approximately 4,168 square feet in Flemington, New Jersey (the Flemington Lease). The lease commencement date was November 17, 2011, with lease payments beginning in February 2012. The lease expiration date is three years from the rent commencement date. The Company provided a cash security deposit of $10,455, or two months base rent. On June 17, 2014, the Company entered into an amendment to the lease extending expiration until January 31, 2018. The Company is also responsible for payment of its share of common area maintenance costs and taxes. The aggregate remaining minimum future payments under the Flemington Lease at December 31, 2014 are approximately $199,386 including common area maintenance charges and taxes. The Flemington Lease contains a three-month free rent period and annual escalations, as such, the Company accounts for rent expense on a straight-line basis. The Company recognized $84,833 and $81,081 in rent expense for the Flemington Lease for the years ended December 31, 2014 and 2013, respectively. Future minimum lease payments under operating leases as of December 31, 2014 are as follows: 2015 $ 62,885 2016 64,430 2017 66,514 2018 5,557 Total future minimum lease payments $ 199,386 On November 19, 2014, the Company entered into a lease for office equipment. The lease commencement date was November 25, 2014, with lease payments beginning in December 2014. The lease has an initial term of three years and cannot be cancelled or terminated prior to the end of the initial lease term. After the end of the initial term the company can either enter into a new lease, purchase the equipment or return the equipment. The office equipment lease is classified as a capital lease. Future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of December 31, 2014 are as follows; 2015 $ 4,778 2016 4,778 2017 4,380 Total net future minimum l