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Note 6 - Capital Lease Obligations

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Debt and Capital Leases Disclosures [Text Block]

6.

CAPITAL LEASE OBLIGATIONS

We lease certain telecommunication equipment under a capital lease agreement. The asset subject to the agreement totaled

$227,783,

of which

$210,904

and

$22,152

was included in Property and Equipment at

December

31,

2016

and

2015,

respectively, and

$16,879

and

$205,631

which was included in Prepaid Equipment (not placed in service) as of

December

31,

2016

and

2015,

respectively. Accumulated depreciation on the assets placed in service

December

31,

2016

and

2015

were approximately

$21,400

and

$300,

respectively. Amortization of the capitalized cost is charged to depreciation expense. 

At

December

31,

the amounts outstanding under capital lease obligation consisted of the following:

		20 16				20 15
Capital Lease secured by certain telecommunication equipment – total annual principal payments of $72,686, 1.8% interest, maturing January 2018		$	73,994			$	156,271
Less amount representing interest			1,308				4,189
Total obligation under capital lease			72,686				152,082
Less - Current maturities			72,686				72,686
Long term obligation under capital lease		$	-			$	79,396

X

- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

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