Annual report pursuant to section 13 and 15(d)

OPERATING LEASES (Tables)

v2.4.0.6
OPERATING LEASES (Tables)
12 Months Ended
Dec. 31, 2012
Schedule of Rent Expense for Operating Leases

The following schedule shows the total rent expense for operating leases:

 

     Year Ended December 31,  
     2012     2011  

Rent expense

   $ 301,527      $ 479,533   

Less sublease rentals

     (35,416     (141,663
  

 

 

   

 

 

 

Total rent expense

   $ 266,111      $ 337,870   
  

 

 

   

 

 

 
Future Minimum Payment Obligation under Operating Leases

The future minimum payment obligations as of December 31, 2012 under the operating leases described above are as follows:

 

2013

   $ 394,546   

2014

     331,297   

2015

     187,100   

2016

     5,256   

2017

     4,380   
  

 

 

 

Total future payment obligations

   $ 922,579