Operating Leases And Rental Expense |
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Sep. 30, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases And Rental Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases And Rental Expense |
Note 5.Operating Leases and Rental Expense The Company leases approximately 6,600 square feet of office space located in Chicago, Illinois. On May 11, 2016, the Company signed a new lease, effective November 1, 2016, for this office space for a seven year period commencing on November 1, 2016 and ending on October 31, 2023. The lease grants the Company a seven month lease holiday beginning November 1, 2016, a five month lease abatement beginning June 1, 2017, and provides a tenant improvement allowance. The lease requires escalating monthly payments ranging from $5,833 to $9,285, plus real estate taxes, utilities and maintenance expenses from June 1, 2017 to October 31, 2023. The Company also has a renewal option to extend the term of the lease for a period of five years. Based on the terms of the lease agreement, the Company was required to make a security deposit of $55,000. The Company moved into the office space in September 2016. Previously the Company leased 5,100 square feet of office space. The office space had a five year lease period from November 1, 2011 and ended on October 31, 2016. The lease payment for October 2016 was recorded in September 2016. The Company leases 6,400 square feet of office space located in London, England. The lease expires in June 2020. The lease requires quarterly payments of approximately $13,500 through December 2011, quarterly payments of approximately $27,000 from January 2012 through June 2015 and quarterly payments of approximately $24,000 from June 2016 through June 2020. Based on the terms of the lease agreement, the Company was also required to make a security deposit equivalent to six months’ rent (approximately $59,000). The Company leases 45,800 square feet of manufacturing space in Selangor D.E., Malaysia under a lease that requires monthly payments of approximately $15,000 through August 2019 and may be renewed at the option of the Company for an additional three year term. The Company also leases equipment under a number of lease agreements which expire at various dates through September 2021. The aggregate monthly rental was $1,265 at September 30, 2016. Details of operating lease expense, including real estate taxes and insurance, for the years ended September 30, 2016, 2015, and 2014 are as follows:
Future minimum payments under leases consist of the following as of September 30, 2016:
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