Lease Obligations

12 Months Ended

Dec. 31, 2012

10. Lease Obligations

The Company leases its facilities under operating leases. For the years ended December 31, 2012, 2011, and 2010 rent expense was $1,697,153, $1,711,647, and $1,548,869, respectively.

In January 2006, the Company moved its primary operations into new facilities. The facility is subject to a lease which expires in 2018. Under the terms of the lease, the Company has options to renew for up to three additional years. The lease contains an escalating rent provision which the Company has straight-lined over the term of the lease.

The future minimum lease payments under non-cancelable leases as of December 31, 2012 are as follows:


		Operating
Year		Lease
2013	$	1,728,937
2014		1,731,904
2015		1,710,778
2016		2,194,791
2017		2,189,376
2018 and Beyond		2,186,668
Total minimum lease payments		11,742,454

- 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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