Annual report pursuant to Section 13 and 15(d)

Leases

Leases

12 Months Ended

Dec. 31, 2012

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.

- 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.

+ References + Details