Lease commitments |
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Sep. 30, 2015 | |||||||||||||||||||||||||
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| 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 September 30, 2015 and 2014 were $6,750 and $5,175, respectively. Rent expense for the nine months ended September 30, 2015 and 2014 were $19,850 and $17,370, 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 September 30, 2015 and 2014 was $6,540 and $6,633, respectively. Rent expense for the nine months ended September 30, 2015 and 2014 was $19,620 and $19,900, 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 September 30, 2015 and 2014 was $29,555 and $27,098, respectively. Vehicle lease expense for the nine months ended September 30, 2015 and 2014 was $82,091 and $83,755, respectively.
WCI entered into two operating leases for office equipment in 2015 which expire in February and April 2020. Equipment lease expense was $380 for the three months ended September 30, 2015 and $758 for the nine months ended September 30, 2015 and $0 for the three and nine months ended September 30, 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:
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