Quarterly report pursuant to Section 13 or 15(d)

Capital leases

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Capital leases
3 Months Ended
Mar. 31, 2015
Leases, Capital [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 March 31, 2015 are as follows:

 

2015     22,143  
2016     25,131  
2017     29,753  
2018     35,224  
2019     27,764  
Total capital lease obligation   $ 140,015  

 

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

 

    2014  
Leased Equipment   $ 179,620  
Less accumulated depreciation     (8,981 )
Net leased assets   $ 170,639