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COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

NOTE 5.  COMMITMENTS AND CONTINGENCIES

 

We have various operating leases for production and office equipment, office space, and buildings under non-cancelable lease agreements expiring on various dates through 2022.

 

On April 1, 2015, we entered into an 89 month lease for approximately 19,000 square feet of space in Maple Grove, Minnesota for our new corporate headquarters.  Annual rent payments during the lease term will increase from approximately $139,000 to $165,000.  In addition to this rent obligation, we will also be responsible for certain costs, among other things, operating expenses, taxes, and insurance costs.

 

Rent expense for the three months ended June 30, 2015 and 2014 amounted to approximately $183,000 and $166,000, respectively.  Rent expense for the six months ended June 30, 2015 and 2014 amounted to approximately $363,000 and $335,000, respectively.

 

Approximate future minimum lease payments under non-cancelable leases subsequent to June 30, 2015 are as follows:

 

Years Ending

 

 

 

December 31,

 

Amount

 

2015

 

$

376,975 

 

2016

 

439,902 

 

2017

 

393,556 

 

2018

 

397,161 

 

2019

 

400,229 

 

Thereafter

 

535,883 

 

 

 

 

 

Total

 

$

2,543,706