NOTE 9 – COMMITMENTS

Leases – The lease for our corporate office located at 340 Madison Avenue, New York, New York expires on March 31, 2025. Rent expense paid for this operating lease was approximately $439,000, $348,000 and $256,000 for the years ended December 31, 2019, 2018 and 2017. The lease for our sales office for 77 Greenwich located at 17 State Street, New York, New York expires on May 31, 2021. Rent expense paid for this operating lease was approximately $366,000, $108,000 and no expense for the years ended December 31, 2019, 2018 and 2017, respectively.

The remaining lease obligation, excluding any extension options, for our corporate office and the sales office is as follows (dollars in thousands):


	Future
	Minimum
Year Ended	Rentals

2020	$	742
2021		555
2022		470
2023		470
2024		470
Thereafter		116
Total undiscounted lease payments	$	2,823
Discount	$	(387)
Commitments due	$	2,436

Legal Proceedings – In the normal course of business, we are party to routine legal proceedings. Based on available information and taking into account accruals where they have been established, management currently believes that any liabilities ultimately resulting from litigation we are currently involved in will not, individually or in the aggregate, have a material adverse effect on our consolidated financial position.