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LEASE COMMITMENTS (Tables)
12 Months Ended
Dec. 31, 2012
LEASE COMMITMENTS  
Summary of future minimum payments under operating leases

Following is a summary of future minimum payments under operating leases that have initial or remaining non-cancelable lease terms in excess of one year at December 31, 2012:

 

 

 

Operating
Leases

 

Year ending December 31,

 

 

 

2013

 

$

395,000

 

2014

 

370,000

 

2015

 

370,000

 

2016

 

370,000

 

2017

 

370,000

 

Thereafter

 

647,500

 

Total minimum lease payments

 

$

2,522,500