Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASE OBLIGATIONS

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CAPITAL LEASE OBLIGATIONS
9 Months Ended
Sep. 30, 2015
Leases [Abstract]  
CAPITAL LEASE OBLIGATIONS

NOTE 10. CAPITAL LEASE OBLIGATIONS

Capital lease obligations consisted of the following at:

 

 

 

September 30,

2015

 

 

December 31,

2014

 

Capital lease obligation – leasehold improvements

 

$

114,465

 

 

$

135,171

 

Capital lease obligation – office furniture

 

 

39,826

 

 

 

68,306

 

 

 

 

154,291

 

 

 

203,477

 

Less: Current portion

 

 

(68,785

)

 

 

(66,273

)

Capital lease obligations

 

$

85,506

 

 

$

137,204

 

 

The capital lease obligation – office furniture requires 30 monthly payments of $3,641, including interest at 10.2%, beginning April 2014 through September 2016.

The capital lease obligation – leasehold improvements requires 60 monthly payments of $2,879, including 5.5% interest, beginning May 2014 through May 2019.

The capital leases cover furniture and leasehold improvements located at our corporate headquarters in Las Vegas, Nevada. Annual requirements for capital leases obligations are as follows:

 

September 30,

 

Total

 

2016

 

$

76,538

 

2017

 

 

34,545

 

2018

 

 

34,545

 

2019

 

 

23,029

 

Total minimum lease payments

 

$

168,657

 

Less: amount representing interest

 

 

(14,366

)

Present value of net minimum lease payments

 

$

154,291