Commitments and Contingencies

12 Months Ended

Dec. 31, 2018

Commitments and Contingencies [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

The Company leases its office space under a lease expiring June 30, 2020 and a storage facility on a monthly basis.  Effective June 1, 2018, the Company agreed to amend its office lease to reduce the size of the rented office space and to provide two consecutive, 1-year renewal options.  The amended monthly lease commitment for the office space includes an amount for base rent and operating expenses (including utilities and insurance costs).  The Company estimates that the future minimum lease commitments for its office space, including both the base rent and operating expenses, and storage facility are as follows:

Years ending December 31
2019	$	193,500
2020		196,400
2021		199,300
2022		101,100
	$	690,300

The projected annual rent expenses shown above are based on periodic increases to the base rental rate provided in the amended lease for the office space.  Total rent expense for the post-Merger period in 2018, which included rent for a storage facility rented on a monthly basis, was $82,300. Total rent expense was $0 in 2017.

In the ordinary course of the Company’s business, the Company may be subject to lawsuits, arbitrations and administrative proceedings from time to time. The Company believes that the outcome of any existing or known threatened proceedings, even if determined adversely, should not have a material adverse effect on the Company's business, financial condition, liquidity or results of operations.