Leases

We lease certain office space and equipment. As leases expire, it can be expected that they will be renewed or replaced in the normal course of business. Rent expense from continuing operations was a credit of $10,887 and $23,061 for the three and nine months ended September 30, 2014. For the three and nine months ended September 30, 2013, rent expense from continuing operations was $15,405 and $222,888, respectively. The credit in the three and nine months ended September 30, 2014 is primarily due to subleasing the company’s former New York City office at a higher rate than its lease cost.

Minimum future lease payments and future receipts under non-cancelable operating leases as of September 30, 2014 are:



	Lease Payments		Sublease income
2014	$	134,449	$	148,909
2015	552,451		604,569
2016	46,788		50,753
Total	$	733,688	$	804,231

During 2013 we signed an amendment allowing us to terminate our Clearwater office lease for $615,000, and the lease was terminated on March 31, 2013. We also entered into an agreement to lease office space in Conway, Arkansas for two years in the total amount of $193,200 which we prepaid. The lessor of this space is First Orion Corp., which is owned by a director and shareholder of Inuvo.