Quarterly report pursuant to Section 13 or 15(d)

Capital Leases Payable (Tables)

v3.7.0.1
Capital Leases Payable (Tables)
6 Months Ended
Jun. 30, 2017
Capital Leases Payable [Abstract]  
Summary of capital leases payable

 

   

June 30,

2017

(unaudited)

    December 31,
2016
 
             
Capital lease payable to De Lange Landon secured by forklift, 10.0% interest, due on October 1, 2018, monthly payment of $452.   $ 7,000     $ 10,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on November 22, 2017, monthly payment of $394.     2,000       4,000  
Capital lease payable to Dell Computers secured by computer equipment, 4.99% interest, due on May 1, 2020, monthly payment of $716.     24,000        
Total capital leases   $ 33,000     $ 14,000  
Less: current portion     (15,000 )     (10,000 )
Long-term portion of capital leases   $ 18,000     $ 4,000  
Summary of capital lease future minimum leases payments

    Year Ending December 31,   Amount  
  2017   $ 10,000  
    2018     12,000  
    2019     8,000  
    2020     5,000  
Net minimum lease payments       $ 35,000  
Less: Amount representing interest         (2,000 )
Less: Taxes         -  
Present value of net minimum lease payments       $ 33,000  
Less: Current maturities of capital lease payables         (15,000 )
Long-term capital lease payables       $ 18,000