LONG-TERM LIABILITIES

12 Months Ended

Dec. 31, 2014

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

NOTE 8. LONG-TERM LIABILITIES

Capital Lease Obligations

The Company is obligated under capital leases for equipment, which expire at various dates through April 2016. The assets capitalized under these leases and associated accumulated depreciation at December 31, are as follows:

	2014		2013
Property and equipment	$	83,000	$	83,000
Accumulated depreciation		(77,500)		(63,100)
	$	5,500	$	19,900

Depreciation of equipment under capital leases is included in depreciation expense.

Minimum future lease payments under capital lease obligations as of December 31, 2014 are as follows:

Year Ended December 31,
2015	$	16,248
2016		3,013
Total future minimum lease payments		19,261
Less amount representing interest		(943)
Present value of net minimum lease payments		18,318
Less current portion		(15,223)
	$	3,095