Annual report pursuant to Section 13 and 15(d)

Capital Leases

v3.3.1.900
Capital Leases
12 Months Ended
Dec. 31, 2015
Capital Leases [Abstract]  
Capital Leases

Note 7 – 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 as of December 31, 2015 are as follows:

 

2016   $ 25,131  
2017     29,753  
2018     35,224  
2019     37,952  
Total capital lease obligation   $ 128,060  

 

The following is a summary of leased assets included in machinery and equipment as of December 31, :

 

 

    2015     2014  
 Leased Equipment   $ 179,620     $ 179,620  
 Less accumulated depreciation     (35,924 )     -  
 Net leased assets   $ 143,696     $ 179,620