Operating Leases
The Company leases land and buildings under two noncancelable operating leases and is responsible for the related maintenance, insurance and property taxes. One of these leases is with a company that is wholly owned by one of the Officer’s and a Director of the Company. This lease calls for 60 monthly payments of $11,000 and began as of September, 2006.
At December 31, 2006, future minimum lease payments were as follows:
2007
$ 194,908
2008
174,769
2009
132,000
2010
132,000
2011
88,000
Thereafter
-
$ 721,677
Rent expense totaled $69,856 for the period from inception June 29, 2006 to December 31, 2006.
DEEP DOWN, INC. (DPDW)
Form: 10KSB/A
Filing Date: 4/24/2007
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