|6 Months Ended|
Jun. 30, 2019
|Subsequent Events [Abstract]|
Note 9 – Subsequent Events
On July 1, 2019, the Company signed a new lease agreement for the lease of its office space at its corporate headquarters in San Jose, California for an additional three years. The lease agreement includes space on the first floor of the building that had been previously subleased. Upon expiration of the current lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 will be $52,970 and is subject to annual escalations up to a maximum monthly lease payment of $64,941.
On July 15, 2019, the Company signed a new lease agreement for the lease of office space in Costa Mesa, California for an additional two years. Upon expiration of the current lease on September 30, 2019, the new monthly lease payment starting October 1, 2019 will be $9,773 and is subject to an annual escalation up to a maximum monthly lease payment of $10,200.
In August 2019, three of our directors entered into RSU Rescission Agreements with the Company. Pursuant to the agreements, a total of 38,666 shares issued upon settlement of restricted stock units were rescinded and those shares were returned to the Company. The rescissions resulted from the fact that certain restricted stock unit grants exceeded limits contained in the Company’s 2014 Non-Employee Equity Compensation Plan.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef