Quarterly report pursuant to Section 13 or 15(d)

NOTE 7 - CAPITAL LEASE OBLIGATIONS

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NOTE 7 - CAPITAL LEASE OBLIGATIONS
9 Months Ended
Sep. 30, 2015
Leases, Capital [Abstract]  
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]
NOTE 7 – CAPITAL LEASE OBLIGATIONS

The Company has entered into lease commitments for equipment that meet the requirements for capitalization. The equipment has been capitalized and is included property and equipment, net in the accompanying balance sheets.  The related obligations are based upon the present value of the future minimum lease payments with interest rates ranging from 8.5% to 12.5%.

At September 30, 2015, twelve (12) months of future payments under capital leases are as follows:

2016
 
$
88,340
 
2017
   
63,545
 
2018
   
21,575
 
Total minimum lease payments
   
173,460
 
Less amounts representing interest
   
(16,224
)
Present value of net minimum lease payments
   
157,236
 
Less current portion
   
(79,404
)
Long-term capital lease obligation
 
$
77,832