Quarterly report pursuant to Section 13 or 15(d)

FINANCE AND CAPITAL LEASE OBLIGATIONS

v3.20.2
FINANCE AND CAPITAL LEASE OBLIGATIONS
6 Months Ended
Jun. 30, 2020
Disclosure Text Block [Abstract]  
Capital Leases in Financial Statements of Lessee Disclosure [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, 2020

 

Weighted average remaining lease term

    1.95  

Weighted average interest rate

    5.36

%


At June 30, 2020 future payments under finance leases are as follows:


Remainder of 2020

  $ 83,138  

2021

    125,591  

2022

    57,584  

2023

    6,640  

Total minimum lease payments

    272,953  

Less amounts representing interest

    (14,632

)

Present value of net minimum lease payments

    258,321  

Less current portion

    (136,861

)

Long-term finance lease obligation

  $ 121,460