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COMMITMENTS AND CONTINGENCIES
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2014
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES |
NOTE 11 - COMMITMENTS AND CONTINGENCIES
Operating Lease Commitments
Future commitments under non-cancellable operating leases for office and warehouse space as of December 31, 2014 are as follows:
For the years ended December 31, 2014 and 2013, rent expense was $445,800 and $301,700, respectively.
Other Joint Ventures Operations
In April 2013, our wholly-owned subsidiary MV and RCM International, LLC (“RCM”) entered into a Joint Development and Marketing Agreement to develop, implement, market and distribute certain hybrid scrubber systems that employ elements of RCM Technology and MV Technology (the “Joint Venture”). The contractual Joint Venture shall have an initial term of five years and will automatically renew for successive one year periods unless either Party gives the other Party one hundred and eighty (180) day notice prior to the applicable renewal date that it will not renew the Agreement or unless terminated in accordance with the terms of this Agreement.
Operations to date of the Joint Venture have been limited to formation activities. |
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