Operating leases

6 Months Ended

Dec. 31, 2014

Operating Leases of Lessor Disclosure [Text Block]

Note 10 - Operating leases

We lease certain office space under non-cancellable operating lease agreements. The leases typically run for a period of three years, with an option to renew the lease after that date.

Future minimum rental payments required under all leases that have remaining non-cancellable lease terms in excess of one year as of June 30, 2014 are as follows:

Year Ending June 30,
2015	$	305,171
2016		318,695
2017		209,912
2018		18,000
	$	851,778

Rent expense was $75,584 and $92,123 for the three months period ended December 31, 2014 and 2013. For the six months period ended December 31, 2014 and 2013, rent expense was $149,638 and $185,177, respectively.

- 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.

+ References+ Details