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Leases

12 Months Ended

Jun. 30, 2014

2. Leases

The Company leases building space, office equipment and motor vehicles under operating leases. Lease terms generally cover periods from two to five years and may contain renewal options. The following is a summary, as of June 30, 2014, of the future minimum annual lease payments required under the Company’s operating leases having initial or remaining non-cancelable terms in excess of one year:



Year	Minimum Rentals
2015	$	906,188
2016		402,243
2017		112,391
2018		38,017
2019 and beyond		39,986

Total minimum lease payments	$	1,498,825

Rental expenses for operating leases in the fiscal years ended June 30, 2014, 2013 and 2012 were $1,018,000, $955,000 and $998,000, respectively.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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