Operating Leases And Commitments

12 Months Ended

Dec. 31, 2013

Operating Leases And Commitments [Abstract]

8.OPERATING LEASES AND COMMITMENTS

Purchase Obligations

In March 2008, the Company entered into a six-year service agreement with its totalizator provider. Pursuant to the agreement, the vendor provides totalizator equipment and computer programs which record and process all wagers and calculate odds and payoffs. Amounts charged to operations under this agreement for the years ended December 31, 2013 and 2012 were $225,000 and $218,418, respectively. In March 2014, the Company entered into a seven-year agreement with a new totalizator provider. Under the new agreement, $221,345 will be charged to operations in year one.

Operating Lease Obligations

The Company has entered into operating leases for rental of office equipment and for track equipment to maintain the Racetrack. Amounts charged to operations under these agreements for the years ended December 31, 2013 and 2012 were $130,436 and $118,625, respectively. All such leases expire in or before February 2018. Future lease payment obligations under these leases are provided in the table below:



Lease Obligations	TOTAL	2014	2015	2016	2017	2018

Operating Leases	$ 234,200	$ 125,900	$ 49,400	$ 29,200	$ 27,300	$ 2,400

- 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.

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