Commitments and Contingencies
|12 Months Ended|
Dec. 31, 2015
|Commitments And Contingencies Disclosure [Abstract]|
|Commitments and Contingencies||
Operating Lease Commitment
On May 30, 2014, the Company entered into a commercial lease for 2,387 square feet of office space in Norwood, MA. The lease commenced on July 1, 2014, had a three-year term, and required a standby letter of credit of $13,728 payable in favor of the landlord. In August 2015, the lease was amended for the relocation of the Company into 6,326 square feet of office space within the existing building. In January 2016, the Company began occupying the space under this lease amendment, which is for a five-year term. The amendment also required an increase in the standby letter of credit to $36,375 (See Note 3). Pursuant to the terms of the Company’s non-cancelable lease agreements in effect at December 31, 2015, the future minimum rent commitments are as follows:
Total rent expense for the years ended December 31, 2015 and 2014, including month-to-month leases, was $55,496 and $35,550, respectively.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef