Annual report pursuant to Section 13 and 15(d)

Leases

v2.4.1.9
Leases
12 Months Ended
Dec. 31, 2014
Leases [Abstract]  
Leases
Leases
 
We lease certain office equipment under a capital lease which expires in 2016. We also lease office space in Ohio under an operating lease that expires in October 2022 and office space in Massachusetts under an operating lease that expires in March 2015.
 
The future minimum lease payments for the years ending December 31 are as follows:
 
 
Capital
Leases
 
Operating
Leases
2015
$
3,039

 
$
295,695

2016
2,278

 
271,831

2017

 
277,946

2018

 
284,247

2019

 
290,734

Thereafter

 
854,945

 
5,317

 
$
2,275,398

Less amount representing interest
613

 
 

Present value of net minimum lease payments
4,704

 
 

Less current portion
2,550

 
 

Capital lease obligations, excluding current portion
$
2,154

 
 


 
Total rental expense was $357,000, $400,000 and $211,000 for the years ended December 31, 2014, 2013 and 2012, respectively.