Note 7  Contingencies and Commitments On March 22, 2016, the Company entered into a lease (the Lease) with Hudson View Building #3, LLC (the Landlord), for office and laboratory space located in Yonkers, New York (the Leased Premise). The Leased Premise consists of approximately 8,000 square feet. The Lease has a term of 87 months from the lease commencement date, which is the date upon which the Landlord has substantially completed certain interior leasehold improvements to the Leased Premise. The annual rent of the first year of the lease is approximately $208,000, increasing by 1.5% on each anniversary of the lease commencement date. In the event of a termination of the lease following a default by the Company, the Company will be obligated to pay the sum of the rent payable for the remainder of the lease term. In connection with this lease, the Company obtained an Irrevocable Standby Letter of Credit (the Letter of Credit) from Cash Bank for a sum not exceeding $150,000. The Company has deposited this amount with Cash bank as collateral for the Letter of Credit and recorded the amount as restricted cash in the consolidated balance sheets as of December 31, 2016. As of December 31, 2016, the landlord had not substantially completed the certain leasehold improvements. Contractual minimal lease payments are as follows (in thousands): 2017 $ 121 2018 210 2019 213 2020 216 2021 220 Thereafter 543 Total $ 1,523 On February 25, 2009, the Company was granted an exclusive, worldwide, transferable, perpetual license to use certain proprietary technology for the processing of lithium for use in batteries and other fields. Commencing in October 2010, working through a third party, the Company conducted a series of tests to determine if the process worked and, based on the results, initially believed that the process produced lithium, however it did not prove to be commercially feasible and research and development efforts involving this license were abandoned. In exchange for the license, the Company had certai