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SUBSEQUENT EVENT

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

(13) SUBSEQUENT EVENT

On October 20, 2017 the Company entered into a sublease agreement with CSG Systems Inc. for approximately 42,480 square feet at 9555 Maroon Circle, Englewood CO 80112. The Term of the Sublease runs through June 30, 2023, with an option to extend for an additional two years through June 30, 2025. During the first year of the Sublease, the rent per square foot is $7.50, increasing to $19.75 during the second year of the Sublease and each year thereafter for the Initial Term increasing by an additional $1 per square foot. The Company is also obligated to pay its proportionate share of building operating expenses. The Sublandlord agreed to contribute approximately $219,000 toward tenant improvements.

The Company expects to relocate its headquarters to the subleased offices in January, 2018.

The Company issued a press release and filed a Form 8-K with the SEC announcing the transaction on October 26, 2017.

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- References

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- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 855
-URI http://asc.fasb.org/topic&trid=2122774

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