• Filing Date: 2012-03-30
  • Form Type: 10-K
  • Description: Annual report
v2.4.0.6
Property And Equipment, Net
12 Months Ended
Dec. 31, 2011
Property And Equipment, Net [Abstract]  
Property And Equipment, Net

Note 6 -- Property and Equipment, net

Property and equipment, net consists of the following (in thousands):

 

                 
    

At December 31,

 
    

2011

   

2010

 
     

Building

     $5,883        5,883   

Land

     1,241        1,241   

Computer hardware and software

     729        508   

Office and furniture and equipment

     778        253   

Tenant and leasehold improvements

     2,418        --   

Other

         184           138   

Total, at cost

     11,233        8,023   

Less accumulated depreciation and amortization

        (734       (268

Property and equipment, net

     $10,499        7,755   

The Company has a lease for office space located in Clearwater, Florida. This lease commenced in July 2008 and requires the Company to make monthly rent payments of $12,500, which includes $2,500 for common area maintenance, to an entity owned by one of the Company's directors. The initial term of this agreement is for five years ending on July 15, 2013 and the lease may be extended for up to three additional five-year periods. In addition to this location, the Company leases office space in Noida, India effective with the Company's acquisition of Unthink in November 2011. This non-cancelable lease, which was assumed by the Company at acquisition, requires the Company to pay base rent of approximately $3,200 per month throughout the lease term ending February 6, 2013. Rental expense under all facility leases was $239,000 and $191,000 during the years ended December 31, 2011 and 2010, respectively.

Lease commitments at December 31, 2011 are as follows:

 

         
      

Amount

 

Year Ended December 31,

    

(in thousands)

 
   

2012

       189   

2013

         98   

Total:

       $287   

 

On June 1, 2010, the Company purchased property in Tampa, Florida for a total purchase price of $7.1 million. The property consists of 3.5 acres of land, a building with gross area of 122,000 square feet, and a three-story parking garage valued at $1.2 million, $5.3 million, and $0.6 million, respectively. This facility is used by the Company and its subsidiaries. In addition, the Company leases space to non-affiliates, which includes space occupied by tenants under lease agreements assumed by the Company at acquisition.

Rental income due under non-cancellable operating leases for all properties and other investments owned at December 31, 2011 are as follows:

 

               
          

Amount

Year Ended December 31,

         (in thousands)
     

2012

             825  

2013

             734  

2014

             527  

2015

             393  

2016

                253  

Total:

             $2,732