Liberated Syndication Inc. (fka LSYN)

[eastwindwards]

Are you talking about the LA lease obligation? That is a long-standing obligation that is a drain on the company that carried over from FABU. There is no indication that Libsyn is doing anything with that space and the filings made it clear that it was something that the scam Chinese company committed to. Hopefully they have found a way to get out of the lease or sublet it to offset the approximately $300k annual obligation. If they are actually paying that money out, it's probably going someone's cousin collecting bogus rent checks.

From the filings:
FAB was the guarantor on a lease agreement for office space in Los Angeles, CA, which was originally entered into by a US based company held by a Chinese entity with which FAB had a Variable Interest Entity agreement. The US based company held by the Chinese entity has no business purpose or relationship with Libsyn. As the guarantor, FAB has assumed the liability of the lease obligation. Effective with the spin-off, Libsyn will assume the responsibility of the lease obligation as the guarantor.