Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2012
Leases [Abstract]  
Leases
16. Leases

 

We lease certain office equipment under capital leases which expire in 2013 and 2016. We also lease office space in Ohio under an operating lease that expires in October 2013 and office space in Massachusetts under an operating lease that expires in March 2014.

 

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

 

    Capital
Leases
    Operating
Leases
 
2013   $ 8,789     $ 196,068  
2014     3,039       19,105  
2015     3,039       --  
2016     2,532       --  
      17,399     $ 215,173  
Less amount representing interest     3,021          
Present value of net minimum lease payments     14,378          
Less current portion     7,276          
Capital lease obligations, excluding current portion   $ 7,102          

 

Total rental expense was $211,000, $154,000 and $125,000 for the years ended December 31, 2012, 2011 and 2010, respectively.