|6 Months Ended|
Jun. 30, 2017
We lease certain office space and equipment. As leases expire, it can be expected that they will be renewed or replaced in the normal course of business. Rent expense from continuing operations was $129,717 and $237,016 for the three and six months ended June 30, 2017 and $44,357 and $93,387 for the three and six months ended June 30, 2016, respectively.
Minimum future lease payments under non-cancelable operating leases as of June 30, 2017 are:
As part of the NetSeer asset acquisition, Inuvo assumed the office space lease that served as NetSeer's headquarters in Sunnyvale, CA. The lease is for 15,717 square feet and will cost approximately $95,000 for the remaining term of the lease which will expire in July 2017. In June 2017, we entered into an agreement to lease 4,801 square feet of office space commencing on July 17, 2017. The lease has a term of five years and will cost approximately $216,000 during its first year. After the first year the lease payment will increase by 3% per annum.
The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://www.xbrl.org/2003/role/presentationRef