Quarterly report pursuant to Section 13 or 15(d)


3 Months Ended
Mar. 31, 2017
Subsequent Events [Abstract]  

On April 5, 2017, the Company assigned its’ right, title and interest as tenant to DCI-Design Communications, LLC, for its’ rented office space in Milwaukee, Wisconsin effective March 29, 2017. The Company shall at all times and under all circumstances remain liable for rent due and the performance of all other obligations under the lease term. The lease expires in March 2020.


On April 7, 2017 the Company executed an amendment to its’ existing lease in Waukesha, Wisconsin to expand another 3,982 square feet, bringing the total leased space to 10,344 square feet. In addition, the lease term was extended from May 1, 2021 to April 30, 2026. Commencement date for this amendment is anticipated to begin July 1, 2017 or the day following the date of substantial completion of the renovations, whichever is later. From the commencement date to April 30, 2021, base rent will increase to approximately $10,516 per month from $6,470 per month. From May 1, 2021 to the end of the lease term, base rent will increase to approximately $12,284 per month. The total incremental minimum rental commitment under this lease amendment is approximately $814,000.


Effective May 1, 2017, the Company entered into a commercial lease agreement. The 85 month lease, anticipated to begin May 1, 2017 or the day occupancy is delivered, whichever is later, provides for the Company to lease approximately 5,838 square feet of industrial space in Waukesha, Wisconsin. The initial base rent is approximately $1,500 per month escalating to approximately $3,400 in the seventh year. The total minimum rental commitment under this lease is anticipated to be approximately $213,000.