Annual report pursuant to Section 13 and 15(d)

Leases

v2.4.0.8
Leases
12 Months Ended
Dec. 31, 2013
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 2014.
 
The future minimum lease payments for the years ending December 31 are as follows:
 
 
Capital
Leases
 
Operating
Leases
2014
$
3,039

 
$
288,900

2015
3,039

 
266,456

2016
2,279

 
272,428

2017

 
278,564

2018

 
284,886

 
8,357

 
$
1,391,234

Less amount representing interest
1,427

 
 

Present value of net minimum lease payments
6,930

 
 

Less current portion
2,225

 
 

Capital lease obligations, excluding current portion
$
4,705

 
 


 
Total rental expense was $400,000, $211,000 and $154,000 for the years ended December 31, 2013, 2012 and 2011, respectively.