Capital Lease Obligations
|12 Months Ended|
Dec. 31, 2015
|Capital Lease Obligations [Abstract]|
|Capital Lease Obligations||
Note 11 Capital Lease Obligations
The Company maintains equipment held under capital lease obligations due in monthly installments of $2,049 with an implied interest rate of 26.71%. The related equipment is collateral to the leases. Final payments under the Company’s capital lease obligations were made in September 2015 and there are no further capital lease obligations.
The following is a summary of assets held under capital leases:
Depreciation expense related to the assets under capital lease amounted to $9,053 and $12,417 for years ended December 31, 2015 and 2014, respectively.
The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.
Reference 1: http://www.xbrl.org/2003/role/presentationRef