COMMITMENTS AND CONTINGENCIES |
12 Months Ended | ||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | |||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES |
NOTE 5 – COMMITMENTS AND CONTINGENCIES Operating Leases At December 31, 2017, we had an operating lease for our Cleveland office and lab until December 31, 2025 totaling $2,107,000. 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 $1,331,000 with the early termination provision. We also had an operating lease for our New York office until April 30, 2023 totaling $2,793,000 and a non-cancelable operating lease for our Dallas office until August 31, 2018 totaling $12,000. Future operating lease payments are (in thousands):
Rent expense for the years ended December 31, 2017 and 2016 was $742,000 and $548,000, respectively. At December 31, 2017, we had construction in-progress to build out manufacturing facilities at our Cleveland location. We had a remaining construction commitment of $231,000 at December 31, 2017. Legal We are not currently subject to any material pending legal proceedings as of December 31, 2017. |