Operating Leases

3 Months Ended

Mar. 31, 2015

The Company currently leases office space of approximately 42,400 square feet at two locations. The following table summarizes the total lease and operating expenses for the three months ended March 31, 2015 and 2014:



	March 31, 2015		March 31, 2014
Three Months Ended	$	228,464	$	226,089

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



Future Minimum Lease Payments
Nine Months Remaining In
2015		2016		2017		2018		2019		Thereafter		Total
$	522,000	$	696,000	$	696,000	$	632,000	$	596,000	$	2,965,000	$	6,107,000

The total approximate future minimum lease payments of $6.1 million include $0.3 million of obligations that will be reimbursed to the Company under an expense reimbursement agreement ("Expense Agreement") with a third party. Under the Expense Agreement, these amounts are required to be reimbursed to the Company by the third party. The obligation of the third party to reimburse the Company for these expenses survives the termination of the Expense Agreement.

In addition to the above lease payments, the Company is also responsible for normal operating expenses of the properties. Such operating expenses were approximately $0.3 million in 2014, on a combined basis, and are estimated to be approximately $0.4 million in 2015.

- 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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