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Operating Leases (Tables)

12 Months Ended

Dec. 31, 2016

Summary of total lease and operating expense

The following table summarizes the total lease and operating expenses for the years ended December 31, 2016, 2015 and 2014:



For the year ended December 31,
2016		2015		2014
$	882,231	$	928,440	$	905,061

Future minimum lease payments under the operating leases

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



		Future Minimum Lease Payments by Year
Total		2017		2018		2019		2020		2021		Thereafter
$	4,732,865	$	586,350	$	586,350	$	595,807	$	624,179	$	624,179	$	1,716,000

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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