COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2021

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

NOTE 8 — COMMITMENTS AND CONTINGENCIES

Membership agreement to occupy shared office space

In the second quarter of 2020, the Company entered into a membership agreement to occupy shared office space in Portland, Oregon through August 2021. Fees due under the membership agreement are based on the number of contracted seats and the use of optional office services. As of March 31, 2021, minimum fees due under this shared office arrangement totaled $21,000.

The Company also occupies shared office space in New York, NY under a membership agreement which ends in July 2021. As of March 31, 2021, minimum fees due under this shared office arrangement totaled $35,000.

Litigation

We may become involved in various routine disputes and allegations incidental to our business operations. While it is not possible to determine the ultimate disposition of these matters, management believes that the resolution of any such matters, should they arise, is not likely to have a material adverse effect on our financial position or results of operations.