Note 16 - Obligations Under Operating Leases

12 Months Ended

Dec. 31, 2011

Revenue Recognition Leases, Operating [Policy Text Block]

16. Obligations under Operating Leases

We are obligated under a net-lease for our manufacturing facility located in Boonton, New Jersey that expires in 2014. We also lease office space in a second location in Boonton, New Jersey that expires in 2017. We have 10-year renewal options on both Boonton locations, as well as options to purchase these facilities. We are leasing our research facility in Fairfield, New Jersey under a sale/leaseback agreement. The lease is for seven years with a 5-year renewal option. Total future minimum rentals under these non-cancelable operating leases are as follows:

2012	$	428,937
2013		432,021
2014		248,370
2015		235,500
2016		238,583
2017 and thereafter		244,584
	$	1,827,995

Total rent expense was approximately $304,000 for 2011 and $290,000 for each of 2010 and 2009. The rent on our Boonton, NJ office space increases by $1,000 per year and the rent on our Fairfield, New Jersey facility increases by $5,000 per year in years two and five of the lease.