Commitments and Contingencies

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies [Abstract]

Commitments and Contingencies Disclosure [Text Block]

15. Commitments and Contingencies

Operating Lease Commitments

On March 11, 2014, the Company entered into a first modification of its corporate headquarters lease agreement to expand its current space from 3,062 square feet to 5,437 square feet. The new lease became effective on October 12, 2014 and requires future monthly rent of approximately $10,400, subject to an annual increase fixed at 3 percent. The new lease expires on October 31, 2019.

There were no other leases entered into or modifications of existing leases during the three month period except as described above.

Employment Agreements

The Company has employment agreements with certain executives that set forth compensation levels and provide for severance payments in certain instances. On February 18, 2014, the Company entered into an amendment to the Company’s employment agreements with Steve L. Komar, Chief Executive Officer, and James T. McCubbin, Executive Vice President and Chief Financial Officer, to extend the term of their original employment through March 31, 2016 at a salary of $260,000 and no change to the benefit levels then in effect. The Company had the option to terminate Messer’s Komar and McCubbin’s employment agreements as of March 31, 2015 by giving written notice on or before January 31, 2015, but the Company affirmatively opted not to exercise such termination option.

The Company has an employment agreement with a certain member of SCL management as more fully described in Note 3 to the condensed consolidated financial statements.