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Commitments and Contingencies
 3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

 

Employment Agreements

 

The Company has entered into employment agreements with three of its key executives. Under their respective agreements, the executives serve at will and are bound by typical confidentiality, non-solicitation and non-competition provisions. Deferred compensation for the founders of the Company, as disclosed in Note 9 above, is still outstanding as of March 31, 2017.

 

Operating Leases

 

On January 1, 2010, the Company entered into an agreement to lease 6,000 rentable square feet of office space in Columbus, Ohio. The lease commenced on January 1, 2010 and, pursuant to a lease extension dated August 9, 2016, the lease expires on December 31, 2021.

 

Future minimum lease payments under this operating lease are as follows:

 

For the Twelve Months Ending March 31,   Amount  
2018   $ 50,724  
2019     52,020  
2020     53,316  
2021     54,630  
2022     41,742  
    $ 252,432  

 

Rent expense, recorded on a straight-line basis, charged to operations for the three months ended March 31, 2017 and 2016 amounted to $13,252, and $10,125, respectively.