Quarterly report pursuant to Section 13 or 15(d)

Capital Leases

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Capital Leases
3 Months Ended
Mar. 31, 2016
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 March 31, 2016 are as follows:

 

2017     26,215  
2018     31,035  
2019     36,742  
2020     28,178  
Total capital lease obligation   $ 122,170  

 

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

 

          2016     2015
Leased Equipment           $ 179,620     $179,620
Less accumulated depreciation             (44,905 )   (35,924)
Net leased assets           $ 134,715     $143,696