Quarterly report pursuant to Section 13 or 15(d)

Leases

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Leases
6 Months Ended
Jun. 30, 2017
Leases [Abstract]  
LEASES

NOTE 9 – LEASES

 

The Company is obligated under capital leases for buildings and vehicles that expire at various dates through 2043. Property and equipment and related accumulated amortization recorded under capital leases consists of the following:

 

June 30,   2017  
       
Gross asset value   $ 5,028,147  
Less accumulated amortization     (172,504 )
         
Net book value   $ 4,855,643  

 

Amortization expense of approximately $170,000 for assets held under capital lease obligations is included in depreciation and amortization for the six months ended June 30, 2017.

 

Future minimum capital lease payments were as follows at June 30, 2017:

 

June 30, 2018   $ 888,649  
June 30, 2019     844,717  
June 30, 2020     840,930  
June 30, 2021     866,199  
June 30, 2022     687,861  
Thereafter     6,690,229  
         
Total payments     10,818,585  
Less interest     (3,902,513 )
         
      6,916,072  
Less current     (543,775 )
         
    $ 6,372,297