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COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS | 9 Months Ended
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Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS | COMMITMENTS, CONTINGENCIES AND CONCENTRATIONS Property and Rental Agreements In March 2014, we signed a lease for offices located in Purchase, New York. The lease is for 3,650 square feet of office space with a monthly cost of approximately $13,916 per month for the lease expiring in June 2019. In October 2015, pursuant to our acquisition of Bovie Bulgaria, we are obligated to pay a lease of $5,114 per month, expiring in December 2021, for 18,745 square feet of office, research and manufacturing space in Sofia, Bulgaria. The following is a schedule of approximate future minimum lease payments under operating leases as of September 30, 2017:
(In thousands) |
2017 (remaining three months) | $ | 47 |
2018 | 189 |
2019 | 132 |
2020 | 73 |
2021 | 73 |
Total | $ | 514 |
Rent expense was approximately $41,385 and $126,711 for the three and nine months ended September 30, 2017, respectively compared to $57,720 and $140,000 for the three and nine months ended September 30, 2016. Purchase Commitments At September 30, 2017, we had purchase commitments for inventories totaling approximately $3.6 million, substantially all of which is expected to be purchased by the end of 2017. Concentrations With respect to receivables, our ten largest customers accounted for approximately 35.3% and 41.3% of trade receivables as of September 30, 2017 and 2016, respectively, and approximately 50.0% and 56.9% of net revenues for the nine months ended September 30, 2017 and 2016, respectively. For the nine months ended September 30, 2017, McKesson and National Distribution & Contracting Inc. accounted for 15.7% and 9.3% of sales, while for the same period in 2016, McKesson and National Distribution & Contracting Inc. accounted for 15.0% and 9.0% of sales.

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- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 + Details
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