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Operating Leases

9 Months Ended

Sep. 30, 2012

Note 6

Operating Leases

The Company leases approximately 25,500 square feet of office space at two locations. The following table summarizes the total lease and operating expenses for the three and nine months ended September 30, 2012 and 2011:


	2012		2011
Three Months Ended	$	174,278	$	163,496
Nine Months Ended		512,529		450,517

The approximate future minimum lease payments under the operating leases are as follows:


2012		2013		2014		2015		2016
$	112,000	$	417,000	$	397,000	$	401,000	$	234,000

In addition to the above rent, the Company will also be responsible for normal operating expenses of the properties. Such operating expenses were approximately $9.60 per square foot in 2011, on a combined basis, and are expected to be approximately $9.69 per square foot in 2012.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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