Quarterly report pursuant to Section 13 or 15(d)

Commitments & Contingencies

v3.7.0.1
Commitments & Contingencies
3 Months Ended
Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments & Contingencies

Note 7 – Commitments & Contingencies

 

In 2015, the Company was named as a defendant in a legal proceeding. The plaintiffs sought relief for alleged violations of the Telephone Consumer Protection Act. In 2015, the parties agreed to mediate the dispute and reached a settlement in principal. A hearing regarding final approval of the settlement was held November 14, 2016 and a settlement was approved in which the Company agreed to pay plaintiffs $450,000. At December 31, 2016 and 2015, the Company had recorded a reserve for an estimated settlement of $200,000 related to this, which was net of insurance proceeds of $250,000, and on January 7, 2017, the accrued settlement of $200,000 was paid.