Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2011
Leases
15. Leases

 

We lease certain office equipment under a capital lease which expires in 2013. We also lease office space under an operating lease that expires in January 2013.

 

The future minimum lease payments for the years ending December 31 are as follows:

 

    Capital
Leases
    Operating
Leases
 
2012   $ 6,900     $ 143,256  
2013     5,750       8,930  
      12,650     $ 152,186  
Less amount representing interest     1,722          
Present value of net minimum lease payments     10,928          
Less current portion     5,572          
Capital lease obligations, excluding current portion   $ 5,356          

 

Total rental expense was $154,000, $125,000 and $115,000 for the years ended December 31, 2011, 2010 and 2009, respectively.