Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.7.0.1
Leases
6 Months Ended
Jun. 30, 2017
Leases [Abstract]  
Leases
Leases

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:
 
 
2017
$
198,568

2018
402,593

2019
410,115

2020
372,926

2021
239,090

2022
162,706

Total
$
1,785,998



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.