OPERATING LEASES

12 Months Ended

Dec. 31, 2013

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,

2014		304,237
2015		305,559
2016		125,640
2017		-
2018		-

	$	735,435

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 $549,000, $438,000, and $423,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and includes the above operating leases as well as month-to-month rental and certain executory costs. In 2013, the Company subleased a portion of its existing office space through the remainder of its lease term at a rate lower than is lease rate, resulting in a cumulative loss of $115,000. This loss will be amortized against total rent expense over the term of the sublease and it is included in total rent expense for 2013.

- 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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