Annual report pursuant to Section 13 and 15(d)

NOTE 7 - CAPITAL LEASE OBLIGATIONS

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NOTE 7 - CAPITAL LEASE OBLIGATIONS
12 Months Ended
Dec. 31, 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 December 31, 2015, future payments under capital leases are as follows:

2016
 
$
102,464
 
2017
   
74,200
 
2018
   
23,695
 
Total minimum lease payments
   
200,359
 
Less amounts representing interest
   
(17,747
)
Present value of net minimum lease payments
   
182,612
 
Less current portion
   
(90,167
)
Long-term capital lease obligation
 
$
92,445