XML 29 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 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 December 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 December 31,   Amount  
2018   $ 51,696  
2019     52,992  
2020     54,288  
2021     55,656  
    $ 214,632  

 

Rent expense charged to operations for the twelve months ended December 31, 2017 and 2016 amounted to $53,006 and $40,500, respectively.