Leases

We lease certain office space and equipment. As leases expire, it can be expected that they will be renewed or replaced in the normal course of business. Rent expense from continuing operations was a credit of $2,996 and an expense of $174,088 for the three months ended ended March 31, 2014 and 2013, respectively. The credit in the three months ended March 31, 2014 is due primarily to subleasing the company’s former New York City office at a higher rate than its lease cost.

Minimum lease payments under non-cancelable operating leases as of March 31, 2014 are:



	Lease Payments		Sublease income
2014	$	402,730	$	445,634
2015	547,651		604,569
2016	45,749		50,753
Total	$	996,130	$	1,100,956

During 2013 we signed an amendment allowing us to terminate our Clearwater office lease for $615,000, and the lease was terminated on March 31, 2013. We also entered into an agreement to lease office space in Conway, Arkansas for two years in the total amount of $193,200 which we prepaid. The lessor of this space is First Orion Corp., which is owned by a director and shareholder of Inuvo.