Annual report pursuant to Section 13 and 15(d)

CAPITAL LEASE OBLIGATIONS (Tables)

v3.3.1.900
CAPITAL LEASE OBLIGATIONS (Tables)
12 Months Ended
Dec. 31, 2015
Leases [Abstract]  
Schedule of Capital Lease Obligations

Capital lease obligations consisted of the following at December 31, 2015 and 2014:

 

 

 

2015

 

 

2014

 

Capital lease obligation – leasehold improvements

 

$

107,365

 

 

$

135,171

 

Capital lease obligation – office furniture

 

 

29,839

 

 

 

68,306

 

 

 

 

137,204

 

 

 

203,477

 

Less: Current portion

 

 

(59,196

)

 

 

(66,273

)

Capital lease obligations

 

$

78,008

 

 

$

137,204

 

 

Schedule of Future Minimum Lease Payments

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:

 

December 31,

 

Total

 

2016

 

$

65,615

 

2017

 

 

34,545

 

2018

 

 

34,545

 

2019

 

 

14,393

 

2020

 

 

 

Total minimum lease payments

 

$

149,098

 

Less: amount representing interest

 

 

(11,894

)

Present value of net minimum lease payments

 

$

137,204