Note 14 - Commitments

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE

14

– COMMITMENTS

Office Lease

During

2016,

the Company rented office space in New York, NY on a month-to-month basis at a monthly rent of approximately

$16,700

per month, for an aggregate of approximately

$201,000

for the year ended

December

31,

2016.

Effective

January

1,

2017,

the Company moved to a new temporary office location in Brooklyn, NY on a month-to month basis at a monthly rent of approximately

$6,000

per month. The temporary office rental is pending completion of the Company’s permanent office location in the same Brooklyn, NY building. Upon occupancy of the permanent office space, the Company has entered into a

five

-year lease agreement. Assuming occupancy of the new office space on

April

1,

2017,

the Company is obligated to pay a monthly rent of approximately

$9,000

for the period from

April

1,

2017

through

March

31,

2022.

The following table summarizes the Company’s contractual obligations under the

five

-year lease agreement referred to above:

	Payment due by period
	Total		< 1 year		1 – 3 years		3 – 5 years		> 5 years
Contractual Obligations:
Rent obligations	$	554,000	$	78,000	$	217,000	$	230,000	$	29,000
Total	$	554,000	$	78,000	$	217,000	$	230,000	$	29,000

Rent expense for the years ended

December

31,

2016,

2015

and

2014

was

$200,832,

$182,168

and

$174,091,

respectively.