Note 6 ? Commitments and Contingencies Operating Lease - Obar Camden Limited On February 19, 2004 OCL entered into a non-cancellable lease for premises for a period of 25 years expiring November 27, 2028. On October 22, 2004, OCL entered into a deed of variation to the original non-cancellable lease for the premises with an annual rent of £473,000 per year plus valued added taxes for the first five (5) years and with an annual rent of £548,337 per year plus valued added taxes for the remainder of the lease, with free rent for the first fifteen (15) months of the occupancy. In conjunction with the signing of the deed of variation the landlord (i) provided consideration of £175,000, and (ii) contributed an additional £175,000 towards improvements upon execution of the deed of variation. Future minimum lease payments under the non-cancelable operating lease are as follows: Year ending March 31: £ $ 2015 (Remainder of the fiscal year) £ 274,169 $ 445,224 2016 548,337 890,447 2017 548,337 890,447 2018 548,337 890,447 2019 548,337 890,447 2020 and after 5,297,086 8,601,958 £ 7,764,603 $ 12,608,970 Deferred Rent To induce OCL to enter into the operating lease and the deed of variation for a period of 25 years, the landlord granted free rent for the first fifteen (15) months of the occupancy and consideration/contribution of £ 350,000 in aggregate, which will be recognized on a straight-line basis over the duration of the initial lease term of 25 years.