Facility Exit Costs

3 Months Ended

Mar. 31, 2018

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure [Text Block]

9.       Facility Exit Costs

In June 2016, the Company relocated its corporate offices and operations from 475 Tenth Avenue in New York City to 1333 Broadway in New York City. In connection with the exit from its former office location, the Company recognized a liability at the exit and cease-use date for the remaining lease obligation associated with 475 Tenth Avenue, based on the remaining contractual lease payments less estimated sublease rentals, discounted to present value using a credit-adjusted risk-free rate. The Company recorded a net non-cash charge of approximately $648,000 associated with the recognition of this liability in the second quarter of 2016.

The remaining balance of the exit cost liability related to the former office space was approximately $599,000 as of March 31, 2018, of which $219,000 was recorded in other current liabilities and $380,000 was recorded in other long-term liabilities in the accompanying unaudited condensed consolidated balance sheets. The balance of this liability will be paid out over a period of approximately 3.9 years, through February 2022.

 

A summary of the activity related to the exit cost liability for the Current Quarter and Prior Year Quarter is as follows:

($ in thousands)	2018		2017
Balance as of January 1,	$	624	$	783
Cash payments, net		(29)		(26)
Adjustment to liability (revision to estimated cash flows)		-		(25)
Accretion		4		5
Balance as of March 31,	$	599	$	737