XML 85 R20.htm IDEA: XBRL DOCUMENT v2.4.1.9
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 14 – COMMITMENTS AND CONTINGENCIES

 

Operating Lease

  

We lease administrative office space in Boca Raton, Florida pursuant to a 63 month non-cancelable operating lease that commenced on July 1, 2013 and expires on September 30, 2018. The lease stipulates, among other things, average base monthly rents of $30,149 (inclusive of estimated operating expenses) and sales tax, for a total future minimum payments over the life of the lease of $1,899,414.

  

The straight line rental expense related to our current lease totaled  $361,793 for the year ended December 31, 2014, partially offset by the rent income of $41,613 for sublet space. The straight line rental expense related to our current lease totaled  $180,894 for the six months ended December 31, 2013, partially offset by rent income of $32,963 for sublet space. The rental expense related to our prior lease which expired June 30, 2013 totaled $60,168 for the six months ended June 30, 2013, and $106,315 for the year ended December 31, 2012.

 

As of December 31, 2014, future minimum rental payments under our office lease are as follows: 

 

Years Ending December 31,   
2015   $371,240 
2016    382,377 
2017    393,848 
2018    302,748 
2019    —  
Total minimum lease payments      
Non-cancellable sub-lease income    —
Net minimum lease payments   $1,450,213 
     

 

Legal Proceedings

 

From time to time, we are involved in litigation and proceedings in the ordinary course of business. We are not currently involved in any legal proceeding that we believe would have a material effect on our consolidated financial condition, results of operations, or cash flows.

 

Off-Balance Sheet Arrangements

 

As of December 31, 2014, 2013 and 2012, we had no off-balance sheet arrangements that have had or are reasonably likely to have current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.