Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

Note 10. Commitments and Contingencies

Leases

We have entered into various operating lease agreements, primarily for office equipment. Annual rental expense under these leases totaled $72,800 and $77,600, in 2011 and 2010, respectively. Minimum annual rental payments under noncancellable operating leases are approximately $59,900, $42,600, and $8,800 for the years ending December 31, 2012, 2013, 2014, respectively. Presently we have no lease commitments beyond 2014.

In October 2009, we entered into a five-year operating lease agreement for one floor of our five-story office building to an established subsidiary of an international company. We began to receive rent payments in November 2009 that will continue through October 2014. These rent payments include annual rental escalations of between 3.7% and 4.2%. In August 2010, we entered into a two-year lease for one-half of a floor of our office building to an unrelated third party. We began to receive rent payments in February 2011. However, these payments stopped at the end of December 2011 when the tenant vacated the space due to financial difficulties. Minimum annual rental receipts under the remaining term of the five-year non-cancellable lease are approximately $143,900, $149,400, and $128,300, for the years ending December 31, 2012, 2013, and 2014, respectively.