Note 10 - Letter of Credit and Restricted Cash
|12 Months Ended|
Dec. 31, 2015
|Cash and Cash Equivalents [Abstract]|
|Cash and Cash Equivalents Disclosure [Text Block]||
On January 9, 2015, the Company amended the lease for office space at its corporate headquarters in New York. As a result of the amended lease, the Company has secured a standby letter of credit for the benefit of the landlord for the required security deposit (see Note 18 - Commitments and Contingencies).
The letter of credit is in the amount of $354,814. The letter of credit expires in July 2020 and contains renewal periods of one year.
The letter of credit was collateralized by $355,707 and $110,699 of cash for the periods ended December 31, 2015 and 2014, respectively, which was reported as restricted in the Consolidated Balance Sheets.
In March 2015, the Company established a restricted cash account in the amount of $300,000 related to the Storycode acquisition.
The entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.
Reference 1: http://www.xbrl.org/2003/role/presentationRef