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Lease commitments |
Note 12 - 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, 2016 and 2015 were $6,750 and $4,100, 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 March 31, 2016 and 2015 was $6,633 and $6,540, 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 March 31, 2016 and 2015 was $37,485 and $21,400, respectively.
WCI entered into two operating leases for office equipment in 2015 which expire in February and April 2020.Equipment lease expense was $639 and $0 for the three months ended March 31, 2016 and 2015, 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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