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COMMITMENTS AND CONTINGENCIES
9 Months Ended
Sep. 30, 2017
Commitments And Contingencies  
COMMITMENTS AND CONTINGENCIES

During the quarter ended September 30, 2017, we moved our corporate headquarters and entered into a new lease for the facility, which lease will expire on March 31, 2019. Base rent during the term of the lease is $5,331 per month for the first 12 months, and $5,563 for the final six months, and total rent payments on the lease through March 31, 2019, the expiration date, are $97,350. Total rent expense related to our operating lease for the nine months ended September 30, 2017 was $44,981.

 

The Company maintains employment agreements with certain key members of management. The agreements provide for minimum base salaries, eligibility for stock options, performance bonuses and severance payments.

 

Legal Proceedings

 

From time to time, claims are made against the Company in the ordinary course of business, which could result in litigation. Claims and associated litigation are subject to inherent uncertainties and unfavorable outcomes could occur. In the opinion of management, the resolution of these matters, if any, will not have a material adverse impact on the Company’s financial position or results of operations.

 

We are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results of operations.