XML 23 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Related Party Transactions
3 Months Ended
Mar. 31, 2018
Commitments and Related Party Transactions [Abstract]  
Commitments and Related Party Transactions
Note 5 — Commitments and Related Party Transactions

We lease our offices under an operating lease with a third party expiring in October 2019. We recognize rent expense on a straight-line basis over the term of the lease.

We lease the use of an aircraft from K2 Investment Fund LLC (‘‘LLC’’) for business travel for employees of the Company. We incurred approximately $608 and $252 in rental fees and reimbursements to LLC during the three months ended March 31, 2018 and 2017, respectively, of which $258 is payable as of March 31, 2018. Our Chief Executive Officer and Chief Administrative Officer are the managing partners of the LLC and control the equity interests of LLC. On January 31, 2015, we entered into a 12-month non-exclusive lease with LLC for use of the plane at a rate of $8 per flight hour, with no minimum usage requirement. The agreement contains other terms and conditions normal in such transactions and can be cancelled by either us or LLC with 30 days’ notice. The lease renews on an annual basis unless terminated by the lessor or lessee. Neither party has exercised their termination rights.