Quarterly report pursuant to Section 13 or 15(d)

Capital Leases Payable

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Capital Leases Payable
9 Months Ended
Sep. 30, 2018
Capital Leases Payable [Abstract]  
Capital Leases Payable

Note 10—Capital Leases Payable

 

Capital Leases Payable

 

Capital leases payable consisted of the following:

 

   

September 30,

2018

(unaudited)

    December 31,
2017
 
             
Capital lease payable to De Lage Landen secured by forklift, 10.0% interest, due on October 1, 2018, monthly payment of $452   $ 2,000     $ 5,000  
Capital lease payable to Dell Computers secured by computer equipment, 4.99% interest, due on May 1, 2020, monthly payment of $716     14,000       20,000  
Total capital leases   $ 16,000     $ 25,000  
Less: current portion     (10,000 )     (13,000 )
Long term portion of capital leases   $ 6,000     $ 12,000  

  

The future minimum lease payments required under the capital leases and the present value of the net minimum lease payments as of September 30, 2018, are as follows:

 

    12 Months Ending
September 30,
  Amount  
    2019   $ 10,000  
    2020     7,000  
                  
Net minimum lease payments       $ 17,000  
Less: amount representing interest         (1,000 )
Present value of net minimum lease payments       $ 16,000  
Less: current maturities of capital lease payables         (10,000 )
Long term capital lease payables       $ 6,000