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Commitments
3 Months Ended
Mar. 31, 2014
Commitments And Contingencies Disclosure [Abstract]  
Commitments

NOTE H — COMMITMENTS

NeoGenomics entered into a master lease agreement with Pacific Western Equipment Finance for the leasing of up to $2.0 million of equipment on an equipment leasing line. The lease has a term of 36 months starting on its commencement date at a lease rate factor that will be fixed upon final acceptance of the lease. Until such final acceptance of the lease there is a floating lease rate factor of 0.03026 that shall increase 0.000069966 for every five basis point increase in thirty-six month Interest Swap Rates. During the three months ended March 31, 2014 we committed to purchase approximately $967,000 of equipment during the first quarter of 2014, some of which has yet to be delivered to us. Our availability under the line was $1,033,000 as of March 31, 2014.

 

During the three months ended March 31, 2014 we also entered into lease schedules with several vendors for approximately $537,000 for the purchase of computer equipment and computer software, some of which have yet to be delivered to us. The leases have 36 month terms with $1 buyout options at the end of the terms and interest rates in the range between 1.0% and 11.2%.

During the three months ended March 31, 2014 we also entered into an equipment finance agreement for approximately $227,000 for the purchase of furniture. The equipment finance agreement has a 60 month term and an interest rate of 8.9%.