Commitments and Contingencies

6 Months Ended

Jun. 30, 2017

Commitments and Contingencies [Abstract]

NOTE 7 – COMMITMENTS AND CONTINGENCIES

On February 13, 2017, the Company executed a non-cancellable triple-net operating lease of approximately 2,101 square feet for its principal office with the lease commencing on April 1, 2017 for a three (3) years term. The Company paid a security deposit of $4,018 on March 7, 2017 upon execution of the lease. The lease required the Company to pay to landlord monthly operating expenses including but not limited to property taxes, insurance and maintenance of the property. Such operating expenses will not exceed 5% of annual rent. In addition, the Company received a rent abatement of one month at the inception of the lease.

Future minimum lease commitments of the Company as of June 30, 2017 are as follows:

	Amount
For the years ending December 31,
2017	$	9,455
2018		19,334
2019		19,902
2020		3,519
Total	$	52,210

The Company recorded the rent expense of $2,347 for the three months and six months ended June 30, 2017 and $0 for the same comparable periods of 2016.

Legal Costs and Contingencies

In the normal course of business, the Company incurs costs to hire and retain external legal counsel to advise it on regulatory, litigation and other matters. The Company expenses these costs as the related services are received.

If a loss is considered probable and the amount can be reasonable estimated, the Company recognizes an expense for the estimated loss. If the Company has the potential to recover a portion of the estimated loss from a third party, the Company makes a separate assessment of recoverability and reduces the estimated loss if recovery is also deemed probable.

Ala Carte Charts Corp 10-Q/A