Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies (Tables)

v3.4.0.3
Commitments and Contingencies (Tables)
3 Months Ended
Mar. 31, 2016
Commitments And Contingencies  
Future minimum lease payments

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 March 31, 2016.

 

2016   $ 69,325  
2017   $ 88,920  
2018   $ 85,913  
2019   $ 83,008  
2020   $ 41,364  
         
Total minimum lease payments   $ 368,530  
Less: Amount representing interest   $ 18,980  
Present value of minimum lease payments   $ 349,550  

 

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:

 

2016   $ 167,660  
2017   $ 9,272  
Thereafter   $ nil  
Total   $ 176,932