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Capitalized Lease Obligations

12 Months Ended

Jan. 03, 2015

Minimum future lease payments under capital leases as of January 3, 2015, are as follows:

Year ending December:
2015	$	191,454
2016		178,563
2017		157,713
2018		108,860
2019		33,884
Total minimum lease payments		670,474
Less amount representing interest at a rate of approximately 8.8% per year		99,181
Present value of net minimum lease payments		571,293
Less current portion		148,278
Long-term obligations under capital leases	$	423,015

Interest expense related to capital leases was approximately $47,000 and $34,000 for the years ended January 3, 2015 and December 28, 2013, respectively.

Subsequent to January 3, 2015, the Company entered into a financing transaction to purchase laboratory equipment. Under the lease terms, the Company will make monthly lease payments, including interest, of approximately $7,000 for 48 months, for a total payment of approximately $356,000. The Company will record a capital lease of approximately $304,000. The equipment will be utilized in our core standards and contract services segment.

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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