Quarterly report pursuant to Section 13 or 15(d)

Capital leases

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Capital leases
6 Months Ended
Jun. 30, 2015
Capital Leases [Abstract]  
Capital Leases

Note 6 – Capital Leases

 

During 2014, the Company purchased equipment under a capital lease obligation. The lease is payable in 60 monthly payments of $3,750, beginning December 20, 2014, maturing December 20, 2019. The capital lease is collateralized by the equipment purchased. The capital lease is personally guaranteed by the Chairman and CEO of the Company.

 

Future minimum lease payments under the lease for the three months ended June 30, 2015 are as follows:

 

2015     23,098  
2016     27,345  
2017     32,373  
2018     38,326  
2019     17,980  
Total capital lease obligation   $ 139,122  

 

The following is a summary of leased assets included in machinery and equipment as of June 30,:

 

    2015     2014  
Leased Equipment   $ 179,620     $ 179,620  
Less accumulated depreciation     (17,962 )     -  
Net leased assets   $ 161,658     $ 179,620