LEASING ARRANGEMENTS

12 Months Ended

Dec. 31, 2011

LEASING ARRANGEMENTS [Abstract]

LEASING ARRANGEMENTS

15. LEASING ARRANGEMENTS: The Company entered into a sale-leaseback of its New York operating facility in 2001. Effective January 1, 2011, the Company entered into an amendment to the lease. The amendment extended the lease expiration date to December 31, 2021 and modified the annual lease payments as follows; approximately $390,000 for the years 2011 through 2013, approximately $424,800 for the years 2004 through 2016, and approximately $463,200 for the years 2017 through 2021. The Company's landlord agreed, at its sole expense, to make certain improvements to the facility.   In April 2009, the Company's TDL subsidiary entered into a five year lease for a new operating facility commencing November 1, 2009. Annual rent payments pursuant to an amendment to the lease, will be approximately $183,600 for the first three years of the lease and approximately $206,400 and $213,600 for years four and five of the lease, respectively. The lease includes two five year renewable options. In August 2009, TDL entered into a sublease with the landlord on a month-to-month basis for $1,250 per month which ended August 2010. Additional operating leases are for the ICS facility, a sales office, vehicles and office equipment.

The Company has escalation clauses which are recognized on a straight line basis over the life of the lease. The amounts are recorded in accrued expenses in the accompanying financial statements.

Future minimum lease payments as of December 31, 2011 under all operating lease agreements that have initial or remaining noncancelable lease terms in excess of one year are as follows:

Year ending December 31,
2012		803,000
2013		776,000
2014		748,000
2015		460,000
2016 and thereafter		2,742,000
Total future minimum lease payments	$	5,529,000

Rent expense for operating leases was approximately $805,000 and $841,000 for the years ended December 31, 2011 and 2010, respectively.