Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
6 Months Ended
Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

10. Commitments and Contingencies

Litigation and Claims

Various legal actions, proceedings, and claims (generally, “matters”) are pending or may be instituted or asserted against the Company. The Company accrues for matters when losses are deemed probable and reasonably estimable. Any resulting adjustments, which could be material, are recorded in the period the adjustments are identified. The Company has not identified any legal matters needing to be recorded or disclosed as of June 30, 2017.

Leases

The Company leases office space under a non-cancelable operating lease that expires in October 2017. Rent expense is recognized using the straight-line method over the term of the lease. In addition to minimum lease payments, the office lease requires payment of a proportionate share of real estate taxes and building operating expenses. Total rent expense was $65 thousand and $68 thousand for three months ended June 30, 2017 and 2016, respectively. Total rent expense was $130 thousand and $143 thousand for six months ended June 30, 2017 and 2016, respectively.

Future minimum lease commitments as of June 30, 2017 are as follows (in thousands):

 

2017

   $ 53  

2018 and beyond

     —    
  

 

 

 

Total

   $ 53  
  

 

 

 

Parent Obligations

As of June 30, 2017, the Company had short-term Parent obligations of $5.8 million consisting of amounts owed under the intercompany management agreement for certain services provided by Cellectis including a cash advance of $3.0 million.

 

Forward Purchase Commitments

The Company has forward purchase commitments with growers to purchase seed and grain at a future date in the amount of approximately $1.8 million that are not recorded in the financial statements because the company has not taken delivery of the seed and grain.