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FINANCE AND CAPITAL LEASE OBLIGATIONS

12 Months Ended

Dec. 31, 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 consolidated balance sheets.  The related obligations are based upon the present value of the future minimum lease payments with the following:

		December 31, 2020				December 31, 2019
Weighted average remaining lease terms			1.31				2.33
Weighted average interest rates			5.6	%			5.53	%

At December 31, 2020, future payments under finance leases are as follows:

2021		$	125,591
2022			57,586
2023			6,637
Total minimum lease payments			189,814
Less amounts representing interest			(8,840	)
Present value of net minimum lease payments			180,974
Less current portion			(118,658	)
Long-term capital lease obligation		$	62,316

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- Definition

The entire disclosure for capital leasing arrangements including, but not limited to, the following: a) the basis on which contingent rental payments are determined; (b) the existence and terms of renewal or purchase options and escalation clauses; (c) restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-SubTopic 30
-URI http://asc.fasb.org/subtopic&trid=2209026

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- References

No definition available.

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