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OPERATING LEASES

12 Months Ended

Dec. 31, 2012

Operating Leases of Lessor Disclosure [Text Block]

Note 11 – Operating Leases

The Company leases office space and equipment under operating leases expiring at various dates through 2016.

Future minimum payments under non-cancelable operating leases having initial terms of more than one year consisted of the following:

Year ending December 31,

2013	$	302,000
2014		304,000
2015		305,000
2016		126,000
2017		-

	$	1,037,000

Payments for repair and maintenance agreements incorporated in operating lease agreements are included in the future minimum operating lease payments shown above.

Rent expense was $438,000, $423,000, and $463,000 for the years ended December 31, 2012, 2011 and 2010, respectively, and includes the above operating leases as well as month-to-month rental and certain executory costs.

- Definition

The entire disclosure for operating leases of a lessor. This may include a general description of lessor's leasing arrangements for operating leases, including the basis on which contingent rental payments are determined, the existence and terms of renewal or purchase options and escalation clauses, restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions.

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