Annual report pursuant to Section 13 and 15(d)

Capital Lease Obligations

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Capital Lease Obligations
 12 Months Ended
Dec. 31, 2013
Capital Lease Obligations [Abstract]  
Capital Lease Obligations
Note 20 — Capital Lease Obligations
 
The Company maintains equipment held under capital lease obligations due in monthly installments ranging from $1,419 to $2,049 including interest at rates ranging from 25.15% to 26.71%. The related equipment is collateral to the leases. Final payments are due through September 2015.
 
 
 
December 31,
2013
 
December 31,
2012
 
 
 
 
 
 
 
 
 
Total Principal Payments
 
$
41,552
 
$
97,285
 
Less: Amount Due Within One Year
 
 
(24,670)
 
 
(57,244)
 
 
 
 
 
 
 
 
 
Amount Due After One Year
 
$
16,882
 
$
40,041
 
 
Annual requirements for retirement of the capital lease obligations are as follows:
 
December 31,
 
Amount
 
 
 
 
 
 
2014
 
$
31,687
 
2015
 
 
18,445
 
 
 
 
 
 
Total Minimum Lease Payments
 
$
50,132
 
Less: Amount Representing Interest
 
 
(8,580)
 
 
 
 
 
 
Present Value of Minimum Lease Payments
 
$
41,552
 
 
The following is a summary of assets held under capital leases:
 
December 31,
 
2013
 
2012
 
 
 
 
 
 
 
 
 
Computers and Software
 
$
30,692
 
$
96,925
 
Furniture and Equipment
 
 
35,083
 
 
92,446
 
 
 
 
 
 
 
 
 
 
 
$
65,775
 
 
189,371
 
Less: Accumulated Depreciation
 
 
(52,275)
 
 
(81,190)
 
 
 
 
 
 
 
 
 
Net
 
$
13,500
 
$
108,181
 
 
Depreciation expense related to the assets under capital lease amounted to $17,247 and $34,433 for years ended December 31, 2013 and 2012, respectively.