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Lease Commitments (Tables)

12 Months Ended

Jun. 30, 2014

Lease Commitments Tables

Schedule of future minimum lease payments under capital and operating leases

The approximate future minimum lease payments under capital and operating leases at June 30, 2014 were as follows:

Fiscal year ending June 30,		Capital Lease				Operating Lease
2015			7,349			334,255
2016			3,406			361,206
2017			3,406			364,698
2018			—			381,729
2019 and beyond			—			1,455,449
Total Minimum Payments			14,161			2,897,337
Less Imputed Interest			(1,695)
Present value of minimum lease payments included in long term debt			12,466
Less short term portion			6,196
Long term portion		$	6,270

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- Definition

Tabular disclosure of future minimum lease payments as of the date of the latest balance sheet presented, in aggregate and for each of the five years succeeding fiscal years, with separate deductions from the total for the amount representing executor costs, including any profit thereon, included in the minimum lease payments and for the amount of the imputed interest necessary to reduce the net minimum lease payments to present value. Applicable to both capital leases and operating leases.

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