General form of registration statement for all companies including face-amount certificate companies

Capital Leases Payable

v3.6.0.2
Capital Leases Payable
9 Months Ended 12 Months Ended
Sep. 30, 2016
Dec. 31, 2015
Capital Leases Payable [Abstract]    
Capital Leases Payable

Note 11—Capital Leases Payable

 

Capital Leases Payable

 

Capital leases payable consisted of the following:

 

   

September 30,

2016

(unaudited)

    December 31,
2015
 
             
Capital lease payable to De Lange Landon secured by forklift, 10.0% interest, due on October 1, 2018, monthly payment of $452.   $ 10,000     $ 13,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on November 16, 2016, monthly payment of $592.     1,000       6,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on December 15, 2016, monthly payment of $590.     2,000       6,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on January 3, 2017, monthly payment of $390.     2,000       5,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on January 3, 2017, monthly payment of $394.     6,000       10,000  
Total capital leases   $ 21,000     $ 40,000  
Less: current portion     (21,000 )     (26,000 )
Long-term portion of capital leases   $     $ 14,000  

  

The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2016, are as follows:

 

    Year Ending December 31,     Amount  
    2016   $ 7,000  
    2017     10,000  
    2018     6,000  
Net minimum lease payments       23,000  
Less: Amount representing interest         (1,000 )
Less: Taxes         (1,000 )
Present value of net minimum lease payments       21,000  
Less: Current maturities of capital lease payables         (21,000 )
Long-term capital lease payables       $  

Note 11—Capital Leases Payable

 

Capital Leases Payable

 

Capital leases payable consisted of the following:

 

   

December 31,

2015

    December 31,
2014
 
             
Capital lease payable to De Lange Landon secured by forklift, 10.0% interest, due on October 1, 2018, monthly payment of $452.   $ 13,000     $ 17,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on November 16, 2016, monthly payment of $592.     6,000       12,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on December 15, 2016, monthly payment of $590.     6,000       12,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on January 3, 2017, monthly payment of $405.     5,000       8,000  
Capital lease payable to Dell Computers secured by computer equipment, 15.09% interest, due on January 3, 2017, monthly payment of $394.     10,000        
Total capital leases     40,000       49,000  
Less: current portion     (26,000 )     (19,000 )
Long-term portion of capital leases   $ 14,000     $ 30,000  

   

The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of December 31, 2015, are as follows:

 

    Year Ending December 31     Amount  
    2016     28,000  
    2017     12,000  
    2018     5,000  
Net minimum lease payments         45,000  
Less: Amount representing interest         (3,000)  
Less: Taxes         (1,000)  
Present value of net minimum lease payments         40,000  
Less: Current maturities of capital lease payables         (26,000)  
Long-term capital lease payables       $ 14,000