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 $1,966 and $2,966 for the three months ended March 31, 2015 and March 31, 2014, respectively. The credit is primarily due to subleasing the company’s former New York City office at a higher rate than its lease cost.

Minimum future lease payments and future receipts under non-cancelable operating leases as of March 31, 2015 are:



	Lease Payments		Sublease income
2015	$	475,481	$	455,661
2016	219,360		50,753
2017	176,024		—
2018	179,545		—
2019	183,136		—
2020	123,708		—
Total	$	1,357,254	$	506,414

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 lease terminated in February 2015 and now continues on a month to month basis. The lessor of this space is First Orion Corp., which is owned by a director and stockholder of Inuvo.

In April 2015, we entered into a five year agreement to lease office space in Little Rock, AR, commencing September 1, 2015, to serve as our headquarters. The new lease is for 12,245 square feet and will cost approximately $171,000 during its first year. Thereafter, the lease payment will increase by 2% (see Note 16). We anticipate terminating the Conway, AR lease upon occupying the Little Rock headquarters.