Operating Leases

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2015 and 2014:



	June 30, 2015		June 30, 2014
Three Months Ended	$	234,333	$	226,948
Six Months Ended	$	462,797	$	453,037

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



Future Minimum Lease Payments
Six Months Remaining In
2015		2016		2017		2018		2019		Thereafter		Total
$	348,000	$	696,000	$	696,000	$	632,000	$	596,000	$	2,965,000	$	5,933,000

The total approximate future minimum lease payments of $5.9 million include $0.2 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.