Operating Leases And Commitments

12 Months Ended

Dec. 31, 2014

Operating Leases And Commitments [Abstract]

8.OPERATING LEASES AND COMMITMENTS

Purchase Obligations

In March 2014, the Company entered into a seven-year agreement for with a new totalizator provider. Pursuant to the agreement, the vendor provides totalizator equipment and related software which records and processes all wagers and calculates odds and payoffs. The amounts charged to operations for totalizator expenses for the years ended December 31, 2014 and 2013 were $226,000 and $225,000, respectively.

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, 2014 and 2013 were $140,000 and $130,000, respectively. All such leases expire in or before February 2018.

Future minimum operating lease payments and purchase obligations are as follows:



	Payment due by period
	Total Amount
Obligations	Committed		2015		2016		2017		2018		2019		Thereafter

Operating leases	$	108,300	$	49,400	$	29,200	$	27,300	$	2,400	$	-	$	-
Purchases	$	1,376,000	$	224,000	$	226,000	$	228,000	$	230,000	$	233,000	$	235,000

- 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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