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Commitments and Contingencies
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3 Months Ended | |||
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Jun. 30, 2012
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| Commitments and Contingencies |
Operating Lease Obligations
The Company leases office facilities under non-cancelable operating leases expiring in various years through 2013. The future minimum payments under initial terms of leases at June 30, 2012 is $11.
This amount does not reflect future escalations for real estate taxes and building operating expenses. Rental expense amounted to $39 and $45, respectively, for the periods ended June 30, 2012 and 2011.
Other Obligations
As of June 30, 2012, the Company was obligated for payments under various distribution agreements, equipment lease agreements, employment contracts and consulting agreements with initial terms greater than one year at June 30, 2012. Annual payments relating to these commitments at June 30, 2012 is $645.
Litigation
On March 6, 2012 the Company received a notice of levy in the amount of $73 pertaining to a dispute with a service provider. The Company paid the obligation in full on July 9, 2012.
On May 4, 2012 the Company received notice of a judgment in the amount of £23 pertaining to a dispute with a previous employee. The Company has recorded the full amount in Accrued Compensation on the consolidated balance sheet.
The Company is subject to various claims and legal proceedings arising in the normal course of business. Management believes that the ultimate liability, if any in the aggregate of other claims will not be material to the financial position or results of operations of the Company for any future period; and no liability has been accrued. |