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Subsequent Events
12 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Events

14. SUBSEQUENT EVENTS

 

During 2017, the Company has purchased a facility located in Exton, Pennsylvania, which the Company previously had under agreement to lease through January 2018 at a rate of approximately $10,000 per month. The Company purchased the building and its grounds with cash. The price of the approximate 30,000 square foot structure was approximately $2,500,000 after considering all ancillary costs. The purchase will ensure the unfettered growth of the Company’s emerging products, ensure adequate capacity, and avoid the burden of moving previously established machinery and infrastructure. The Company has therefore eliminated the inclusion of the future lease payments with regards to this facility in Note 9, Leases.

 

The Company is not currently aware of any other subsequent events that would require disclosure or any adjustment to the consolidated financial statements as stated at December 31, 2016.