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Capital Leases
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2014
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| Capital Lease Obligations [Abstract] | |||||||||||||||||||||||||||||||||||||||||
| Capital Leases | CAPITAL LEASES On December 7, 2010, Banks.com entered into a sale-leaseback arrangement with Domain Capital, LLC (“Domain Capital”) consisting of an agreement to assign the domain name, banks.com, to Domain Capital in exchange for $0.6 million in cash and a lease agreement to lease back the domain name from Domain Capital for a five year term. The lease provides for a bargain purchase option at the end of its term, effectively transferring ownership back to Banks.com. Effective June 28, 2012, Banks.com became a wholly-owned subsidiary of Remark Media and pursuant to that certain Agreement and Plan of Merger among the Company, Remark Florida, Inc. and Banks.com dated February 26, 2012, Remark Media assumed all its outstanding liabilities. As of September 30, 2014, total obligations under this agreement were $0.2 million, $0.15 million of which is included under the current portion of capital lease obligations and the remainder is included under capital lease obligations, net of current portion on the Company’s condensed consolidated balance sheet at September 30, 2014. The following table represents the approximate future minimum capital lease payments due under this agreement as of September 30, 2014:
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