14. COMMITMENTS Trademark On July 12, 2011, the Company entered into an amended and restated license agreement, pursuant to which it was granted the exclusive right to use of the trademark  AirTouch  and associated designs. Under the terms of the contract, the Company is required to make minimum royalty payments of $50,000 for 2012, $100,000 for 2013, and $150,000 for 2014. At the end of the three years, the Company has the option to either extend the agreement for an additional three years or to purchase the trademarks covered under the agreement for the greater of $500,000 or 75% of the total amount of royalties paid during the original term of the contract. During the six months ended June 30, 2012, the Company paid no fees under this license agreement. Lease Obligations The Company leases office space in California under an operating lease. The Company signed a twenty-five month lease beginning on May 17, 2010 through June 17, 2012. The Company was required to pay monthly rental payments of approximately $4,200. On October 28, 2011, the Company entered into a new operating lease agreement which amended the existing lease for office space. The amended lease has an initial term of 36 months commencing on November 1, 2011 and includes monthly rental payments of approximately $6,979. The lease includes an option to extend the lease for an additional three year period at a lease rate which approximates fair market value. Total rent expense for the three and six months ended June 30, 2012 was $20,791 and $41,874, respectively. The Company also leases office space in Tokyo, Japan under an operating lease. The Company signed a twenty-four month lease beginning on November 1, 2011 through October 31, 2013 at a monthly rent of approximately 220,000 yen (or $2,765 per month based on currency exchange rates as of June 30, 2012). The lease includes an option to extend the lease for an additional one year period at a lease rate which approximates fair market value. Future minimum payments under all operating leases are as