Commitments and Contingencies |
12 Months Ended | ||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Note 6 - Commitments and Contingencies
Revolving Credit Facility
On January 31, 2008, the Company entered into a revolving credit line with a bank. The credit facility provides for $100,000 at prime plus 0.5%, 3.75% at December 31, 2016, and is secured by all assets of the Company and personally guaranteed by the Company’s principal shareholder. As of December 31, 2016, the Company has paid this in full.
Operating Leases
The Company currently leases office space in Melville, NY, and Warwick, RI.
The lease for office space in Melville, NY calls for monthly payments of $3,498 beginning July 1, 2016. This lease commenced on June 1, 2016 and continues through December 31, 2017.
A second location that was part of the acquisition is also located in Melville, calls for monthly payments of $8,138 with a lease terminating in August 31, 2019.
The lease for office space in Warwick, RI calls for monthly payments of $2,324 beginning February 1, 2015 which escalates to $2,460 on February 1, 2017. This lease commenced on February 1, 2015 and continues through January 31, 2019.
Minimum obligations under these lease agreements are as follows:
Rent expense for the year ended December 31, 2016 and 2015 was $147,808 and $132,136 respectively. |
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