Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

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Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2015
Commitments And Contingencies  
Schedule of future minimum lease payments under capital leases

The following is a schedule showing the future minimum lease payments under capital leases by years and the present value of the minimum payments as of June 30, 2015.

 

2015   $ 228,883  
2016   $ 91,361  
2017   $ 91,361  
2018   $ 91,361  
2019   $ 91,361  
2020   $ 44,174  
         
Total minimum lease payments   $ 638,501  
Less: Amount representing interest   $ 27,827  
         
Present value of minimum lease payments   $ 610,674  
Operating lease payments

The Company also leases premises and facilities under operating leases with terms ranging from 24 months to 36 months. The annual non-cancelable operating lease payments on these leases are as follows:

 

2015   $ 87,731  
2016   $ 81,823  
2017   $ 2,561  
Thereafter   $ nil  
         
Total   $ 172,115