Operating leases, commitments and security deposit

12 Months Ended

Dec. 31, 2011

Operating Leases Commitments and Security Deposit [Abstract]

Operating leases, commitments and security deposit [Text Block]

14. Operating leases, commitments and security deposit

On August 25, 2006 we executed a 10-year agreement with Pirbright Holdings Limited, to lease 8,787 square feet of office space at the Kensington Centre, 66 Hammersmith Road, London W14 8UD, United Kingdom.  Under this lease agreement our U.K. property rent, services and related costs were approximately £330 ($516) per annum, paid quarterly in advance. The Company exercised its right to terminate the lease upon completion of the fifth year (August 24, 2011) and has found an alternative UK office location with no long-term lease commitment.  This commitment was on a month-to-month basis and began on August 1, 2011 with total monthly rental payments of £8 ($13) along with a rental deposit of £16 ($25). In February, 2012, the Company moved to a smaller office in the same location with month-to-month rental payments of £2 ($4) and a rental deposit of £4 ($6).

On September 1, 2011 the Company entered into a three year lease agreement for office space located in Harrison, New York, United States terminating on November 30, 2014.  Under the agreement our total rental payments over the three year lease period are $240, which includes three months of free rent and a refundable rental deposit of $39.

We had a satellite office in Tokyo, Japan, which was closed in January 2012 and the rental deposit of $128 was returned.

The following is a schedule of the future minimum rental payments required under operating leases that have initial or remaining non-cancellable terms in excess of one year:

Year Ending
2012	$	89
2013		63
2014		56
Total	$	208

The total lease rental expense was $515 and $511 for the years ended December 31, 2011 and 2010 respectively.