Quarterly report pursuant to Section 13 or 15(d)

Lease commitments

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Lease commitments
3 Months Ended
Mar. 31, 2015
Lease commitments:  
Lease commitments

Note 13 - Lease commitments

 

Operating Leases

 

Mentor currently rents approximately 2,000 square feet of office space on a month-to-month basis in Ramona, California in San Diego County. Rent expense for the three months ended March 31, 2015 and 2014 were $4,100 and $8,092, respectively.   

 

WCI rents approximately 3,000 of office and warehouse space in Tempte, Arizona under an operating lease expiring in January 2017.  Rent expense for the three months ended March 31, 2015 and 2014 was $6,540 and $6,633, respectively.    

 

WCI leases vehicles under a master fleet management agreement with initial terms of 4 years expiring through September 2018.  Vehicle lease expense of $21,400 and $21,811 is included in cost of sales in the consolidated income statement for the three months ended March 31, 2015 and 2014.  

 

The approximate remaining annual minimum lease payments under the non-cancelable operating leases existing as of December 31, 2014 with original or remaining terms over one year were as follows:

 

Years ending

 

Rental

December 31,

 

expense

2015

$

138,246

2016

 

120,204

2017

 

52,996

2018

 

15,360

 

 

 

 

$

326,806