Commitments

Operating Leases

The Company leases office space for a 12-month term with a monthly rent payment of approximately $15,000 per month for office rent. The term of the lease extends through December 31, 2019.

The future minimum lease payments required under the non-cancellable operating leases are as follows (rounded in millions):

Contingency

Litigation

A former Chief Financial Officer of the Company filed a complaint against the Company with the US Occupational Safety and Health Administration on March 9, 2015. This complaint was closed and dismissed by OSHA in January 2018 without any findings against the Company. On March 14, 2018 an appeal was filed, and the Company will vigorously defend this appeal and believes that this appeal hearing will not result in any findings against the Company. As of June 30, 2019, and December 31, 2018, legal fees of approximately $16,000 and $4,000 were owed, respectively, and are expected to be paid in full by the Company’s insurance carriers.