Annual report pursuant to Section 13 and 15(d)

Note 10 - Letter of Credit and Restricted Cash

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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]
Note 10
– Letter of Credit and Restricted Cash

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.