Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

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Commitments and Contingencies (Tables)
9 Months Ended
Sep. 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 September 30, 2015.

 

2015   $ 23,148  
2016   $ 92,588  
2017   $ 92,588  
2018   $ 92,588  
2019   $ 92,588  
2020   $ 44,767  
Total minimum lease payments   $ 438,267  
Less: Amount representing interest   $ 24,651  
         
Present value of minimum lease payments   $ 413,616  
Operating lease payments

The Company also leases premises and facilities under operating leases with terms ranging from 12 months to 36 months. The annual non-cancelable operating lease payments on these leases are as follows:

 

2015   $ 97,512  
2016   $ 92,063  
2017   $ 2,595  
Thereafter   $ nil  
         
Total   $ 192,170