XML 68 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 8 - Capital Lease Obligations
 12 Months Ended
Dec. 31, 2012
Leases [Abstract]  
Capital Lease Obligations

NOTE 8 — Capital Lease Obligations

 

The Company leases certain of its equipment under capital leases. The leases are collateralized by the underlying assets. At December 31, 2012 and 2011, property and equipment with a cost of $73,275 and $49,962 were subject to such financing arrangements. Related accumulated amortization at December 31, 2012 and 2011 amounted to $8,380 and $31,226, respectively.

 

Future minimum payments under capital lease and equipment financing arrangements as of December 31, 2012, are as follows:

 

Annual minimum payments:  Amount
2013   20,250 
2014   20,249 
2015   20,249 
2016   10,125 
    Total minimum payments   70,873 
Less amount representing interest   (5,978)
    Present value of net minimum payments  $64,895 
Short term portion of capital leases   (17,400)
Long term portion of capital leases  $47,495