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Operating Leases

3 Months Ended

Mar. 31, 2013

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 months ended March 31, 2013 and 2012:


	March 31,		March 31,
	2013		2012
Three Months Ended	$	175,888	$	170,379

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

Nine Months

Remaining In

2013

2014

2015

2016

Thereafter

$341,000

$

454,000

$

401,000

$

234,000

$

—

In addition to the above rent, the Company is also responsible for normal operating expenses of the properties. Such operating expenses were approximately $9.69 per square foot in 2012, on a combined basis, and are expected to be approximately $9.80 per square foot in 2013.

- 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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