Note 17 - Contingent Liabilities and Commitments

12 Months Ended

Dec. 31, 2016

Commitments and Contingencies Disclosure [Text Block]

17.

CONTINGENT LIABILITIES AND COMMITMENTS

July

2011,

the Company executed a lease (the “Lease”) with Brandywine Operating Partnership, L.P. (Brandywine), a Delaware limited partnership for a

10,870

square foot premises located in Lawrenceville, New Jersey. In

October

2011,

the Company relocated its offices to Lawrenceville, New Jersey from Columbia, Maryland. The lease has a term of

months and provides for

months of rent free, with the

first

monthly rent payment of approximately

$23,000

due and paid in

April

2012.

Also, as required by the Lease, the Company provided Brandywine with an irrevocable and unconditional standby letter of credit for

$250,000,

which the Company secured with an escrow deposit at its banking institution of this same amount. The standby letter of credit will be reduced by

$50,000

on each of the

19th,

31st

and

43rd

months from the initial term, with the remaining

$100,000

amount remaining until the Lease term has expired. In connection with

three

$50,000

reductions of the standby letter of credit in

April

2013

and

2014

and

2015,

the Company reduced the escrow deposit by

50,000

each time. In late

2015,

Lenox Drive Office Park LLC, purchased the real estate and office building and assumed the lease. The Company is currently in negotiations with the landlord to extend the lease term and to reduce the square footage by approximately

30%.

In connection with the EGEN Asset Purchase agreement in

June

2014,

the Company assumed the existing lease with another landlord for an

11,500

square foot premises located in Huntsville Alabama. This lease has a remaining term of

months with rent payments of approximately

$23,200

per month.

The Company paid

$575,516

and

$570,078

in connection with these leases in

2016

and

2015,

respectively. Following is a summary of the future minimum payments required under leases that have initial or remaining lease terms of

one

year or more as of

December

31,

2016:

For the year ending December 31:	Operating Leases

2017	$	378,042
2018		23,200
2019		—
2020 and beyond		—
Total minimum lease payments	$	401,242