Omaha Land Lease Rent Expense |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||
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| Leases of Lessee Disclosure [Text Block] |
Note 8 Omaha Land Lease Rent Expense
The Omaha facility land lease initially was to expire in 2023 with options to renew up to 60 years. However, the Company exercised two five-year lease renewal options and therefore the land lease currently expires in 2033, subject to future renewal options by the Company. Under the terms of the land lease, annual rents increase 12.5% every fifth anniversary of the lease. The initial land lease increase will occur in April 2017. During the three and six months ended June 30, 2016, the Company expensed $18,154 and $36,308, respectively related to this lease. During the three and six months ended June 30, 2015, the Company expensed $14,970 and $14,970, respectively related to this lease.
The aggregate minimum cash payments to be made by the Company on the non-cancelable Omaha facility related land lease in effect as of June 30, 2016, are as follows for the subsequent years ended December 31; as listed below.
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