Annual report pursuant to Section 13 and 15(d)

Leases

v3.3.1.900
Leases
 12 Months Ended
Dec. 31, 2015
Leases [Abstract]  
Leases
Leases
The Company leases a warehouse facility in Dalton, Georgia, office space in Spartanburg, South Carolina and Richmond, Virginia, property for a storage yard in Mineral Ridge, Ohio and various manufacturing and office equipment at each of its locations, all under operating leases. The amount of future minimum lease payments under these operating leases are as follows: 2016 - $156,000; 2017 - $118,000; 2018 - $147,000; 2019 - $137,000; 2020 - $139,000; and thereafter - $266,000. Rent expense related to operating leases was $686,000, $903,000 and $1,043,000 in 2015, 2014 and 2013, respectively.
The Company leases machinery and equipment for its manufacturing facility in Cleveland, Tennessee under a capital lease. Future minimum commitments for capital leases are as follows:
Year ending December 31:
 
  2016
$
23,076

  2017
23,076

  2018
23,076

  2019
23,076

  2020
7,692

Total minimum lease payments
99,996

  Less imputed interest costs
6,064

Present value of net minimum lease payments
$
93,932


The current portion due under the capital lease is included in accrued expenses and the long-term portion is included in other long-term liabilities in the accompanying consolidated balance sheet as of December 31, 2015. The Company had no capital lease obligations as of January 3, 2015.