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COMMITMENTS
3 Months Ended
Jun. 30, 2016
COMMITMENTS  
COMMITMENTS

 

 

NOTE 14 — COMMITMENTS

 

Leases

 

Expiration of a Lease

 

The Company leased approximately 1,100 square feet located at 992 Old Eagle School Road, Wayne, Pennsylvania, or the Wayne Property, pursuant to an office lease with GPX Wayne Office Properties, L.P., or GPX Wayne. On June 30, 2016, this office lease expired under its own terms. Other than as described above, there is no relationship between the Company and GPX Wayne.

 

Employment Agreements

 

We have employment agreements with each of our executive officers. Such agreements provide for minimum salary levels, adjusted annually, and incentive bonuses that are payable if specified company goals are attained. The aggregate commitment at June 30, 2016 for future executive salaries during the next 12 months, including fiscal 2016 bonuses payable after June 30, 2016, was approximately $0.8 million.