Note 8 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE 

8

- 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 was pending completion of the Company’s permanent office location in the same Brooklyn, NY building. On

May 16, 2017,

the Company entered into a

five

-year lease agreement for new permanent office space, 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 lease agreement referred above:

Payment Due By Year
	2017		2018		2019		2020		2021		2022		Total
Contractual Obligations
Rent Obligations	$	54,000	$	108,000	$	108,000	$	108,000	$	108,000	$	27,000	$	405,000
Total	$	54,000	$	108,000	$	108,000	$	108,000	$	108,000	$	27,000	$	405,000

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. We

may

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