OPERATING LEASE COMMITMENTS

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

OPERATING LEASE COMMITMENTS

The Company leases approximately 37,000 square feet of manufacturing, laboratory and office space in a single-story building located in Franklin, Massachusetts under a lease expiring October 31, 2017.

The Company leased approximately 7,900 square feet of corporate office space in a multi-story building located in Philadelphia, Pennsylvania under a lease expiring May 31, 2017. The company terminated this lease early and moved to Iselin, New Jersey on January 15, 2015 where the Company has leased 2,800 square feet of office space for 38 months at a monthly rental of approximately $7,700. The Company posted a $77,000 Letter of Credit to secure the lease which is reduced to $38,500 after nineteen months of occupancy, assuming no defaults, as defined.

The Company leased a corporate apartment in Franklin, Massachusetts through September 2014 and a corporate apartment in Philadelphia, Pennsylvania on a month-to-month basis.

Future minimum lease payments for each of the next five years under these operating leases at December 31, 2014 are approximately as follows:

	Franklin
Year Ending December 31,
2015	$	444,000
2016		455,000
2017		382,000
Total	$	1,281,000

The Company’s facilities lease expense was approximately $514,000 and $677,000 for the years ended December 31, 2014 and 2013, respectively.