Quarterly report pursuant to Section 13 or 15(d)

Capital Leases

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Capital Leases
9 Months Ended
Sep. 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 as of September 30, 2015 are as follows:

 

2016     24,093  
2017     28,523  
2018     33,768  
2019     39,978  
2020     7,345  
Total capital lease obligation   $ 133,707  

 

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

 

    2015     2014  
 Leased Equipment   $ 179,620     $ 179,620  
 Less accumulated depreciation     (26,943 )     -  
 Net leased assets   $ 152,677     $ 179,620