Commitments and Contingencies

Cloud Data Storage

The Company stores a portion of its user and business data using Amazon Web Services in the U.S. with a minimum commitment agreement that expires in 2021. Lovoo stores a majority of its user and business data in the Google Cloud Platform in Germany under a noncancelable minimum commitment agreement that expires in 2023.

A summary of minimum future commitments required under the Company’s cloud data storage contracts as of June 30, 2019 are as follows:



For the Years Ending December 31,	Cloud Data Storage
Remaining in 2019	$	2,654,058
2020	5,706,469
2021	6,895,895
2022	1,057,227
2023	1,162,950
Thereafter	—
Total minimum lease payments	$	17,476,599

Credit Facility

A summary of minimum future principal payments under our Credit Facilities as of June 30, 2019 are as follows:



For the Years Ending December 31,	Credit Facilities⁽¹⁾
Remaining in 2019	$	7,500,000
2020	25,373,574
Total minimum loan payments	$	32,873,574

(1)

Interest rates on the Credit Facilities are variable in nature, however, the Company is party to a fixed-pay amortizing interest rate swap having a remaining notional amount of $18.8 million and a non-amortizing interest rate cap with a notional amount of $10.7 million. If interest rates were to remain at the June 30, 2019 level, we would receive interest payments of $0.04 million in 2019 and $0.02 million in 2020 of net settlements on the fixed-pay amortizing interest rate swap and non-amortizing interest rate cap.

Litigation

From time to time, we are party to certain legal proceedings that arise in the ordinary course and are incidental to our business. We operate our business online, which is subject to extensive regulation by federal and state governments. Future events or circumstances, currently unknown to management, will determine whether the resolution of pending or threatened litigation or claims will ultimately have a material effect on our consolidated financial position, liquidity or results of operations in any future reporting periods.

Retirement Plan

The Company maintains The Meet Group, Inc. 401(k) Retirement Plan (the “Plan”), which is a savings and investment plan intended to be qualified under the Internal Revenue Code. The Plan covers the majority of the employees of the Company. In January 2014, the Company began providing matching contributions to the Plan, based on a participant’s contribution. The Company’s 401(k) match expense totaled $0.4 million for each of the six months ended June 30, 2019 and 2018, respectively. The expense is included in sales and marketing, product development and content, and general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss).