COMMITMENTS

12 Months Ended

Dec. 31, 2021

COMMITMENTS

COMMITMENTS

NOTE 9 – COMMITMENTS

a. 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 $447,000, $439,000 and $439,000 for the years ended December 31, 2021, 2020 and 2019, respectively. The lease for our sales center for 77 Greenwich located at 17 State Street, New York, New York expired on May 31, 2021 and was terminated.  Rent expense paid for this operating lease was approximately $108,000, $303,000 and $366,000 for the years ended December 31, 2021, 2020 and 2019, respectively.

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

	Future
	Minimum
Year Ended	Rentals
2022	$	470
2023		470
2024		470
2025		116
Total undiscounted lease payments	$	1,526
Discount		(79)
Lease Liability	$	1,447

b. Legal Proceedings - In the normal course of business, we are party to routine legal proceedings. Based on advice of counsel and available information, including current status or stage of proceeding, 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, results of operations or liquidity.