Note 10 - Leases

6 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Leases of Lessee Disclosure [Text Block]

NOTE

10

 - LEASES

Operating Leases

 -- The Company leases office and production facilities under operating lease agreements expiring in

March 2021,

August 2018,

May 2018,

and

June 2017.

In some of these lease agreements, the Company has the right to extend.

The future minimum lease payments for non-cancelable operating leases having remaining terms in excess of

one

year as of

June 30, 2017

are as follows:

Year ending December 31,	Lease Payments
2017		303,139
2018		467,087
2019		179,094
Thereafter		395,898
Total Minimum Lease Payments	$	1,345,218

Lease expense charged to operations was $

319,906

and

$368,653

for the

six

months ended

June 30, 2017

and

2016,

respectively.

Capital Leases

 --

 The Company leases equipment on various variable rate capital leases currently calling for monthly payments of approximately

$639

and

$575

expiring through

July 2018.

Included in property and equipment, at

June 30, 2017

and

December 31, 2016,

the Company had recorded equipment on capital lease at

$1,265,709

and

$1,240,358,

respectively, with related accumulated depreciation of

$1,229,974

and

$1,126,550,

respectively. 

During the

six

months ended

June 30, 2017

and

2016,

depreciation expense for equipment on capital leases amounted to

$38,365,

and

$68,753,

respectively, and has been included in depreciation expense. During the

six

months ended

June 30, 2017

and

2016,

interest expense on a capital lease obligation amounted to

$6,046

and

$9,805,

respectively. 

The following represents future minimum capital lease payments as of

June 30, 2017: 

Year ending December 31,	Lease Payments
2017		7,287
2018		25,671
Thereafter		-
Total minimum lease payments		32,958
Less amount representing interest		(2,140	)
Present value of minimum lease payments		30,818
Less Current Portion		(9,936	)
	$	20,882