COMMITMENTS AND CONTINGENCIES |
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| COMMITMENTS AND CONTINGENCIES [Abstract] | ||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES |
NOTE 5 – COMMITMENTS AND CONTINGENCIES
Operating Leases
At December 31, 2016, we had a commitment under a non-cancelable operating lease for our New York office until June 30, 2017 totaling $113,000. We also had a non-cancelable operating lease for our Dallas office until August 31, 2017 totaling $11,000. We had an operating lease for our Cleveland office and lab until December 31, 2025 totaling $2,348,000. We have the option to extend the lease for an additional five years. We can also terminate the lease early at December 31, 2020, at the end of year five, and pay for unamortized tenant improvements. Our total lease costs and unamortized tenant improvements would total $1,572,000 with the early termination provision.
The five year lease payment schedule is (in thousands):
Rent expense for the years ended December 31, 2016 and 2015 was $548,000 and $219,000, respectively.
Legal
We are not currently subject to any material pending legal proceedings as of December 31, 2016.
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