Quarterly report pursuant to Section 13 or 15(d)

FINANCE LEASE OBLIGATIONS

v3.21.2
FINANCE LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2021
Disclosure Text Block [Abstract]  
Lessee, Finance Leases [Text Block]

NOTE 7 FINANCE 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 in property and equipment in the accompanying unaudited condensed consolidated balance sheets.  The related obligations are based upon the present value of the future minimum lease payments with the following:

 

   

June 30, 2021

   

December 31, 2020

 

Weighted average remaining lease term

    2.16       1.31  

Weighted average interest rate

    7.30

%

    5.6

%

 

At June 30, 2021 future payments under finance leases are as follows:                                    

 

   

June 30, 2021

 

Remainder of 2021

  $ 103,270  

2022

    140,346  

2023

    89,401  

2024

    27,466  

Total minimum lease payments

    360,483  

Less amounts representing interest

    (26,308

)

Present value of net minimum lease payments

    334,175  

Less current portion

    (176,054

)

Long-term finance lease obligation

  $ 158,121