Commitments and Contingencies |
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Dec. 31, 2016 | |||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Text Block] |
Note 7. Commitments and Contingencies
Operating Leases We do not own any real property. Our principal executive offices are temporarily located at an office complex in New York, New York, which includes approximately twenty thousand square feet of shared office space and services that we are leasing. The lease had an original one-year term that commenced on December 1, 2015, which was renewed until November 30, 2017. The lease allows for the limited use of private offices, conference rooms, mail handling, videoconferencing, and certain other business services. There was a single Target Company lease that we assumed at the closing of the IPO. This lease was renewable monthly at market rates and was terminated by us in January 2017. In November 2016, we entered a sublease agreement for office and production space in Cherry Hill, New Jersey. The lease expires on June 30, 2019. Each of the other Initial Business Units is operated from home offices or shared office space arrangements. As of December 31, 2016, future minimum lease payments are as follows:
Rent expense was $10,389 for the year ended December 31, 2016 and nil for the partial year 2015. Contingencies
In the normal course of business or otherwise, the Company may become involved in legal proceedings. The Company will accrue a liability for such matters when it is probable that a liability has been incurred and the amount can be reasonably estimated. When only a range of possible loss can be established, the most probable amount in the range is accrued. If no amount within this range is a better estimate than any other amount within the range, the minimum amount in the range is accrued. The accrual for a litigation loss contingency might include, for example, estimates of potential damages, outside legal fees and other directly related costs expected to be incurred. As of December 31, 2016 and December 31, 2015, the Company was not involved in any legal proceedings. |
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