Related Party Transactions
|12 Months Ended|
Dec. 31, 2018
|Related Party Transactions [Abstract]|
|Related Party Transactions||
RELATED PARTY TRANSACTIONS
In the course of business, the Company obtains legal services from firms in which a member of the Company’s board is a member. The Company incurred approximately $302,000, $240,000 and $227,000 in legal fees to these firms during the years ended December 31, 2018, 2017 and 2016 respectively. As of December 31, 2018 and 2017 the Company had balances due to these firms amounting to approximately $163,000 and $112,000, respectively.
The Company obtained social media and investor related services from a firm in which the Company’s Chief Financial Officer holds a 50% interest. The Company incurred approximately $22,000 and $80,000 in fees to the firm during the years ended December 31, 2016 and 2015, respectively. The Company canceled this service agreement effective June 30, 2016.
The Company entered into a sublease agreement at its headquarters, effective July 1, 2018 with Benhamou Global Ventures, a company in which one of the Company's Directors serves as Chairman and CEO. Rental income from the sublease is approximately$15,000 quarterly for an undefined term.
The Company entered into a second sublease agreement at its headquarters, effective July 1, 2018 with a portfolio company in which one of the Company's Directors is an investor. Rental income from the sublease is approximately $45,000 quarterly for an undefined term.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef