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9. Leases | 12 Months Ended
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Dec. 31, 2013
Notes |
9. Leases | 9. LEASES In the United Kingdom, the Company leases a facility in Banbury, England for approximately $20,000 per month, which serves sales, warehousing and operational functions. The lease in Banbury was effective April 1, 2006 and has a 15-year term ending in March 2021. There is an option to terminate the lease in December of 2017. Termination in 2017 requires a penalty of 2 months rentals, or approximately $40,000. The Company’s current intention is to utilize the facility for the 15 years. In the United States, the Company owns its main operating facility located at 451 Creamery Way in Exton, PA, but in March 2013, the Company decided to lease additional space in Exton to ensure that all growth potential was not inhibited. This new facility, located at 427 Creamery Way in Exton, PA costs approximately $10,000 per month, and is under contract for a 5-year term. Additionally, the Company leased office space during 2013 and 2012 in Middletown, CT for approximately $9,000 a month. In addition to property rentals, the Company also leases several automobiles, which are included in the rent expense and in the operating lease details below. Rent expense for operating leases was approximately $435,000 and $325,000 for the years ended December 31, 2013, and 2012, respectively. Future minimum lease payments under non-cancelable leases as of December 31, 2013 is as follows:
Year Ending December 31, |  | Operating Leases
|  | (in thousands)
2014 |  | $ 531
2015 |  | 506
2016 |  | 479
2017 |  | 406
2018 |  | 249
Thereafter |  | 538
Total Minimum Lease Payments |  | $ 2,709

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6851643&loc=d3e12069-110248 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41499-112717 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 55 -Paragraph 40 -Subparagraph (Note 1,3) -URI http://asc.fasb.org/extlink&oid=6584154&loc=d3e38371-112697 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6453985&loc=d3e41502-112717 + Details
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