XML 37 R20.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2015
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. The lease expires on September 30, 2018 and we have an option to extend the lease term for a period of five years. On February 18, 2015, we entered into an agreement with the same lessors to lease additional administrative office space in the same location, pursuant to an addendum to such lease. This addendum was effective beginning April 1, 2015 and will expire with the original lease term on September 30, 2018.

 

The rental expense related to our current lease during the years ended December 31, 2015 and 2014 was $446,099 and $361,793, respectively. The rental expense during the year ended December 31, 2013 consisted of $180,894 expense related to our current lease and $60,168 expense related to our prior lease which expired June 30, 2013. The rental expense during the years ended December 31, 2014 and 2013 was partially offset by the rent income of $41,613 and $32,963, respectively. We did not sublet any space during the year ended December 31, 2015.

 

As of December 31, 2015, future minimum rental payments on non-cancelable operating leases are as follows:

 

Years Ending December 31,     
 2016   $493,790 
 2017    507,087 
 2018    388,976 
 2019    — 
 Total minimum lease payments   $1,389,853 

 

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, 2015, 2014 and 2013, 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.

 

Employment Agreements

 

We have entered into employment agreements with certain of our executives that provide for compensation and certain other benefits. Under certain circumstances, including a change in control, some of these agreements provide for severance or other payments, if those circumstances occur during the term of the employment agreement.