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Note 12 - Lease commitments
Operating Leases
Mentor currently rents approximately 2,000 square feet of office space under a one year lease in Ramona, California in San Diego County, expiring in May 2017. Rent expense for the three months ended June 30, 2016 and 2015 were $6,950 and $9,000, respectively. Rent expense for the six months ended June 30, 2016 and 2015 were $13,700 and $13,100, respectively.
WCI rents approximately 3,000 of office and warehouse space in Tempe, Arizona under an operating lease expiring in January 2017. Rent expense for the three months ended June 30, 2016 and 2015 was $6,633 and $6,540, respectively. Rent expense for the six months ended June 30, 2016 and 2015 was $13,266 and $13,080, respectively.
WCI leases vehicles under a master fleet management agreement with initial terms of 4 years expiring through September 2018. Vehicle lease expense is included in cost of sales in the condensed consolidated income statement. Vehicle lease expense for the three months ended June 30, 2016 and 2015 was $42,903 and $31,136, respectively. Vehicle lease expense for the six months ended June 30, 2016 and 2015 was $80,388 and $52,536, respectively.
WCI entered into two operating leases for office equipment in 2015 which expire in February and April 2020. Equipment lease expense for the three months ended June 30, 2016 and 2015 was $379 and $378, respectively. Equipment lease expense for the six months ended June 30, 2016 and 2015 was $1,018 and $378, respectively.
The approximate remaining annual minimum lease payments under the non-cancelable operating leases existing as of December 31, 2015 with original or remaining terms over one year were as follows:
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- References No definition available.
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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