Annual report pursuant to Section 13 and 15(d)

Leases

Leases

12 Months Ended

Dec. 31, 2014

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.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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