Operating Leases

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2013 and 2012:


	2013		2012
Three Months Ended	$	177,310	$	174,278
Nine Months Ended		517,549		512,529

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

Three Months

Remaining In

2013

2014

2015

2016

Thereafter

114,000

346,000

141,000

82,000

—

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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