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Note 12 - Lease Commitments

12 Months Ended

Dec. 31, 2014

Leases of Lessee Disclosure [Text Block]

Note 12. Lease Commitments

Avalon leases golf carts, machinery and equipment, and copiers under operating leases. Under capital leases, Avalon leases one piece of equipment and land and land improvements. Future commitments under long-term, operating leases and capital leases at December 31, 2014 are as follows (in thousands):

	Capital		Operating		Total
2015	$	76	$	344	$	420
2016		76		344		420
2017		76		307		383
2018		15		228		243
2019		15		71		86
Thereafter		495		-		495
Total minimum lease payments		753	$	1,294	$	2,047
Less: amounts representing interest		362
Present value of minimum lease payments		391
Less: current portion of obligations under capital leases		58
Long-term portion of obligations under capital leases	$	333

Rental expense included in the Consolidated Statements of Operations amounted to $0.4 million in 2014 and $0.3 million in 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.

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