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EYE » Topics » 12. Lease Commitments

This excerpt taken from the EYE 8-K filed Apr 23, 2007.

12.    Lease Commitments

The Company leases its office space under an operating lease expiring August 31, 2015. Aggregate rent expense for the years ended December 31, 2006, 2005 and 2004 was $1.4 million, $1.4 million and $679,000, respectively. The 2006 rent expense relates almost entirely to its Irvine facility, which has a lease period of ten years and four months beginning May 1, 2005 and included landlord incentives that are being amortized to rent expense over the lease term.

Future lease payments under operating leases as of December 31, 2006 are as follows:

 

Years Ending December 31      

2007

    $ 1,583,315

2008

      1,647,386

2009

      1,709,376

2010

      1,774,856

2011

      1,857,209

Thereafter

      7,715,499
      

Total

    $ 16,287,641
      

Under the terms of the Company’s current Irvine facility operating lease, the Company is required to pay property taxes and common area maintenance costs to the lessor.

"12. Lease Commitments" elsewhere:

Cooper Companies (COO)
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