Commitments and Contingencies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies |
Property Lease Obligations
Rental expense, resulting from property lease agreements, for the year ended December 31,2017 and 2016, was approximately $1,167 and $591, respectively. Rent expense of the Predecessor for the year ended December 31, 2016 and the period from January 1, 2017 through April 21, 2017 was not material.
The remaining aggregate commitment for lease payments under the operating lease for the facilities as of December 31, 2017 are as follows:
Employment Agreements
On June 13, 2014, the Company entered into an employment agreement with its CEO to serve in that capacity in consideration of a salary of $250,000 per year, with standard employee insurance and other benefits. The employment agreement began on June 13, 2014 and expires on June 13, 2017, after which it is renewable on a year to year basis, until terminated by either party with 30 days written notice. On October 26, 2015 the employment agreement was amended to extend the term of his employment through June 13, 2019.
On June 2, 2014, the Company entered into an employment agreement with the CFO in consideration of a salary of $120,000 per year with standard employee insurance and other benefits. The employment agreement ended on June 2, 2017, after which it is renewable on a year to year basis, until terminated by either party with 30 days written notice. The agreement was renewed until June 2, 2018.
On September 27, 2016, the Company entered into an employment agreement with the Chief Operating Officer in consideration of a salary of $250,000 per year, with standard employee insurance and benefits. The employment agreement began on May 16, 2016 and expires on May 16, 2019.
Legal Matters
The Company is involved in litigation claims arising in the ordinary course of business. Legal fees and other costs associated with such actions are expensed as incurred. In addition, the Company assesses, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. The Company reserves for costs relating to these matters when a loss is probable and the amount can be reasonably estimated. |