XML 35 R12.htm IDEA: XBRL DOCUMENT

Leases

3 Months Ended

Mar. 31, 2014

Leases of Lessee Disclosure [Text Block]

(7)

Leases

On August 6, 2004, the Company assumed a noncancelable operating lease for office space and laboratory facilities. Under the lease the Company pays a pro-rata share of property taxes, insurance, and common area maintenance. On May 6, 2014, the Company agreed to modify and extend the least through February 28, 2018 .

Future minimum lease payments under noncancelable operating leases (with initial or remaining lease terms in excess of one year) as of March 31, 2014, including the subsequent extension, are:

	Operating
	leases
Year ending December 31:
2014	$	212,557
2015		285,756
2016		294,373
2017		303,119
2018		51,903

Total minimum lease payments	$	1,147,708

The Company’s rent expense was $100,000 and $87,000 for the three months ended March 31, 2014 and 2013.

- 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+ Details