Leases
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Sep. 30, 2013
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Leases | NOTE 9. LEASES In May 2012, the Company signed a lease for new office space for its corporate headquarters, and moved into the new location in August 2012. The lease has a five-year term; rental costs are approximately $13,000 per month, increasing 3% annually. The Company’s research facility in Madison, Wisconsin is leased through February 28, 2019. Monthly rental expense is approximately $22,000. Other monthly rental expenses include common area maintenance and real estate taxes totaling approximately $13,000 per month. Utilities costs are approximately $15,000 per month. Including monthly payments recorded under a capital lease of approximately $21,000, total monthly costs are approximately $71,000 per month. Facility and equipment rent expense, related to continuing operations, for the year ended September 30, 2013 and 2012 was $534,000 and $480,000, respectively. From inception to date, rent expense was $4,660,000. As of September 30, 2013, future minimum lease payments due in fiscal years under capitalized leases are as follows:
As of September 30, 2013, future minimum lease payments due in fiscal years under operating leases are as follows:
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