Commitments and Contingencies

12 Months Ended

Dec. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and Contingencies

Leases

In connection with the sale of our Property on February 1, 2013, we entered into a lease with the purchaser for approximately 16,078 square feet of office space (the “Office Lease”) and approximately 113,620 square feet of manufacturing and warehouse space (the “Warehouse Lease”). Annual rental expense under the Office Lease and Warehouse Lease for 2014 was $214,800 and $379,400, respectively. Annual rental expense under the Office Lease and Warehouse Lease for 2013 was $191,600 and $338,500, respectively.  Minimum annual rental payments under the Office Lease are approximately $221,200 and $18,500 for the years ending December 31, 2015 and 2016, respectively. Minimum annual rental payments under the Warehouse Lease are approximately $390,800 and $32,600 for the years ending December 31, 2015, and 2016 respectively. See Note 12 for information on the terms of the Office Lease and the Warehouse Lease.

We have entered into various operating lease agreements, primarily for office equipment. Annual rental expense under these leases totaled $50,300 and $78,500 in 2014 and 2013, respectively. Minimum annual rental payments under noncancellable operating leases are approximately $46,700, $33,700 and $19,900 for the years ending December 31, 2015, 2016 and 2017, respectively. Presently we have no lease commitments beyond 2017.

In connection with the sale of our Property on February 1, 2013, we assigned the following leases to the purchaser. 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 would have continued through October 2014. In September of 2012, we entered into a lease expiring December 31, 2015 for one-half of a floor of our office building. We began to receive rent payments in November 2012. In December of 2012, we entered into a lease expiring March 31, 2016 for one of our warehouse buildings. Rent payments started in May 2013.