Rosetta Stone 2014 Annual Report Download - page 90
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Table of Contents
termination fee of $0.4 million. The Company has been released from all obligations under the lease arrangement as of December 31, 2014.
In the fourth quarter of 2014, Rosetta Stone Korea Inc. implemented a plan to consolidate office locations. The Company closed its two existing office
spaces and moved all personnel into a new office location. As of December 31, 2014, the Company ceased to use the office space and the Company incurred
lease termination expenses of $0.1 million. The lease termination fees were fully paid as of December 31, 2014.
A summary of the Company’s lease abandonment activity for the years ended December 31, 2014 and 2013 is as follows (in thousands):
Accrued lease abandonment costs, beginning of period
$ 413
$ —
Costs incurred and charged to expense
3,812
842
Principal reductions
(2,546)
(429)
Accrued lease abandonment costs, end of period
$ 1,679
$ 413
Accrued lease abandonment costs liability:
Short-term
$ 496
$ 355
Long-term
1,183
58
Total
$ 1,679
$ 413
F-33