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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
11. 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 10 above, is still outstanding as of June 30, 2019.

 

Operating Leases

 

On January 1, 2010, the Company entered into an operating lease with a third party for 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 June 30,   Amount  
2020   $ 53,640  
2021     54,972  
2022     27,828  
    $ 136,440  

 

Lease costs charged to operations for the three and six months ended June 30, 2019 and 2018 amounted to $12,814 and $25,628, respectively. Additional information pertaining to the Company’s lease are as follows:

 

For the Six Months Ending June 30, 2019:    
Operating cash flows from operating leases  $20,420 
Weighted average remaining lease term – operating leases   2.5 years 
Weighted average discount rate – operating leases   8.0%