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Leases

12 Months Ended

Dec. 31, 2014

14.

Leases

In December 2014, the Company entered into a lease agreement, effective February 2015, to lease office space under a non-cancellable operating lease agreement that expires in January 31, 2026. For the period from April 1, 2014 through December 31, 2014, the Company made no payments pursuant to this operating lease.

The minimum aggregate rental commitments as of December 31, 2014 were as follows:


(in thousands)
2015	$	97
2016		194
2017		207
2018		212
2019		217
All future years		1,712

Aggregate total	$	2,639

The Company did not have any lease obligations at December 31, 2013.

- 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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