Leases

12 Months Ended

Dec. 31, 2013

Note 7.

Leases

The current facilities lease is for a term of three years terminating on October 31, 2016. The lease provides for initial annual rental payments of approximately $51,000, increasing each year to reach $54,000 in the final year of the lease. Total rental expense related to the Company’s headquarters location during the years ended December 31, 2013 and 2012 was $135,000 and $142,000, respectively.

Future minimum annual lease payments under these leases as of December 31, 2012 are:

		Operating
Year		Leases
		(in thousands)
2014	$	51
2015		53
2016		45
2017		—
2018		—
Total	$	149

- 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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