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Commitments and Contingencies
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12 Months Ended | |||||||||||||||
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Dec. 31, 2011
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| Notes to Financial Statements | ||||||||||||||||
| Note 6 - Commitments and Contingencies |
Operating Leases
The Company leases facilities under long-term operating lease agreements through May 2013. Rent expense was $88,894 and $97,678 for the years ended December 31, 2011 and 2010, respectively.
The future minimum rental payments to be made under long-term operating leases are as follows:
The above minimum lease payments reflect the base rent under the lease agreements. However, these base rents can be adjusted each year to reflect the Companys proportionate share of increases in the buildings operating costs and the Companys proportionate share of real estate tax increases on the leased property. |