Commitments and Contingencies:

3 Months Ended

Mar. 25, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies Disclosure [Text Block]

Note 3 – Commitments and Contingencies:

The Company and its subsidiaries lease facilities and equipment under various operating leases. Future minimum rental commitments for long-term, non-cancelable operating leases at March 25, 2012, are as follows:

Summary of Lease Obligations:

	2012		2013		2014		2015		Totals
Facilities	$	77,376	$	139,655	$	49,128	$	12,282	$	278,441
Equipment		3,804		15,217		10,144		4,227		33,392
	$	81,180	$	154,872	$	59,272	$	16,509	$	311,833

For the three month period ending March 25, 2012, rent expense was $91,225 and $88,155, respectively.

The Company performs services under numerous subcontract agreements on cost-reimbursable contracts with the federal government. During the period from 1998 to 2003, the Company was party to a subcontract agreement with Johnson Control Northern New Mexico, or JCNNM, to provide services to Los Alamos on a cost-reimbursable basis. On May 14, 2007, the Company received notification from IAP-Northern New Mexico, or IAPNNM, the successor corporation to JCNNM, that the results of a Los Alamos audit for the period ending in 2003 determined that certain costs previously claimed and billed by the Company were subsequently deemed unallowable or otherwise not reimbursable. IAPNNM requested that the Company reimburse the amount of $321,836 that was paid to the Company during the subject time period. In January 2009, the Company protested the Los Alamos audit results claiming they were inaccurate and requested to resubmit a claim for the subject contract. The Los Alamos audit team agreed to review the audit results and adjust the claim as needed. Management believes that the Company will prevail in this decision and has therefore not provided a specific reserve for this claim. In the event it is determined that the Company has to reimburse such amount in full, the resultant cost could materially affect its results of operations.

The Company is not currently a party to any material litigation and is not aware of any pending or threatened litigation against it that could have a material adverse effect on its business, operating results or financial condition.

- Definition

The entire disclosure for commitments and contingencies.

+ References

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+ Details

GlenRose Instruments Inc. 10-Q