LEASE OBLIGATION PAYABLE

3 Months Ended

Mar. 31, 2018

Lease Obligation Payable Details Narrative

LEASE OBLIGATION PAYABLE

NOTE 10 – LEASE OBLIGATION PAYABLE

The Company entered into a lease in March 2017 for the rental of its printer for its secured plastic and credential card products business under an arrangement that is classified as a capital lease. The leased equipment is amortized on a straight-line basis over its lease term including the last payment (61 payments) which would transfer ownership to the Company. Total amortization related to the lease equipment as of March 31, 2018 is $32,322. The following is a schedule showing the future minimum lease payments under capital lease by year and the present value of the minimum lease payments as of March 31, 2018. The interest rate related to the lease obligation is 12% and the maturity date is March 31, 2022.

Year Ending
2018	$	32,322
2019		43,096
2020		43,096
2021		43,096
Thereafter		10,776
Total minimum lease payments		172,386
Less: Amount representing interest		(36,008	)
Present value of minimum lease payments	$	136,378