Annual report pursuant to Section 13 and 15(d)

Capital Lease Obligations

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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.
 
 
 
December 31,
 
December 31,
 
 
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Total Principal Payments
 
$
 
$
16,882
 
Less: Amount Due Within One Year
 
 
 
 
(16,882)
 
 
 
 
 
 
 
 
 
Amount Due After One Year
 
$
 
$
 
 
The following is a summary of assets held under capital leases:
 
December 31,
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Computers and Software
 
$
 
$
16,200
 
Furniture and Equipment
 
 
 
 
35,083
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51,283
 
Less: Accumulated Depreciation
 
 
 
 
(42,230)
 
 
 
 
 
 
 
 
 
Net
 
$
 
$
9,053
 
 
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.