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LEASE COMMITMENTS
6 Months Ended
Jun. 30, 2011
Leases of Lessee Disclosure [Text Block]

NOTE 7 - LEASE COMMITMENTS


Operating Leases:


We lease our Louisville, Kentucky facility from a related party under an operating lease expiring December 2012. The rent was adjusted in December 2007 per the Company’s agreement to make monthly payments of $48,500 through December 2012. In addition, we are also responsible for real estate taxes, insurance, utilities and maintenance expense.


We lease office space in Dallas, Texas for which monthly payments of $969 are due through September 2011.


We lease equipment from a related party under an operating lease expiring in November 2015 for a monthly payment of $10,500.


Future minimum lease payments for operating leases in thousands as of June 30, 2011 are as follows:


 

 

 

 

 

2011

 

$

769

 

2012

 

 

444

 

2013

 

 

126

 

2014

 

 

126

 

2015

 

 

88

 

Thereafter

 

 

 

 

 



 

 

 

 

 

 

Future minimum lease payments

 

$

1,553

 

 

 



 


Total rent expense for the six months ended June 30, 2011 and 2010 was $557.2 thousand and $444.9 thousand, respectively.