Commitments and Contingencies
|3 Months Ended|
Mar. 31, 2018
|Commitments and Contingencies Disclosure [Abstract]|
|Commitments and Contingencies Disclosure [Text Block]||
Note 7 Commitments and Contingencies
On August 8, 2016, SRM entered into a lease for office space in Kowloon, Hong Kong that expires on July 22, 2018. Monthly lease payments are approximately $6,000 for a total of approximately $152,000 for the total term of the lease.
There were not any future minimum payments under operating lease agreement that extended beyond 2018.
Total rent expense for the three months ended March 31, 2018 and 2017 was $64,026 and $43,110, respectively, and is included in general and administrative expense on the condensed consolidated statements of operations.
Fergco leases a portion of the building located in Washington, New Jersey that it owns under a month to month lease. Total rental income related to the leased space for both the three months ended March 31, 2018 and 2017 was $25,704, respectively, and is included in other income on the condensed consolidated statements of operations.
The Company may be involved in claims and litigation in the ordinary course of business, some of which seek monetary damages, including claims for punitive damages, which are not covered by insurance.
The entire disclosure for commitments and contingencies.
Reference 1: http://www.xbrl.org/2003/role/presentationRef