Note 9 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE

9

- COMMITMENTS AND CONTINGENCIES

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

May

16,

2017,

the Company is obligated to pay a monthly rent of approximately

$9,000

for the period from

May

16,

2017

through

March

31,

2022.

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

five

-year lease agreement referred 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

Contingencies

In accordance with ASC Topic

450,

when applicable, we record accruals for contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. As of

March

31,

2017,

there is no pending or threatened litigation, which we

may

become involved in or subject. Routine litigation, claims, disputes, proceedings and investigations in the ordinary course of business could have a material adverse effect on our financial condition, cash flows or results of operations.