UTEK » Topics » Commitments

This excerpt taken from the UTEK 10-Q filed Apr 30, 2009.

Commitments

In September 2007, we sublet a portion of our facilities in San Jose, California and account for it as an operating lease. This sublease expires in January 2010. As of April 4, 2009, the minimum future sublease payments to be received were $0.5 million.

In July 2007, we capitalized a five-year lease agreement for a new phone system recorded as office equipment. The amortization of this phone system is included with depreciation expense.

In August 2008, we entered into agreements with a leasing company for the sale and leaseback of certain assets for an initial term of four years. The sale price of the items was $6.8 million. There was no gain or loss from this transaction. Under this sale-leaseback arrangement, we have an option to purchase the assets back at the future current fair market value upon the expiration of the lease in 2012. The lease is classified as operating lease in accordance with SFAS No. 13, Accounting for Leases. In January 2009, we bought back assets with value totaling to $1.3 million. As of April 4, 2009, the minimum future lease payments to be made were $4.9 million.

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