Note 7 - Leases

12 Months Ended

Sep. 30, 2016

Notes to Financial Statements

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

7.

LEASES

Operating

The Company leases a facility from a related party and certain equipment under operating leases expiring through

June

30,

2026.

The Company's minimum commitment under these operating leases is as follows:

	Facility		Equipment
2017	$	180,000	$	8,938
2018		180,000		7,443
2019		180,000		-
2020		180,000		-
2021		180,000		-
Total	$	900,000	$	16,381

Rental expense was

$57,767

(2016),

$11,382

(2015)

and

$10,521

(2014).

Capital

	Current Portion		Total September 30,  2016		Total September 30,  2015
Capital lease obligation on MIS computer equipment and software, payable in monthly installments of $2,059 including interest at approximately 1.04% per annum through December, 2017.	$	24,710	$	28,828	$	-
Capital lease obligation on IT computer equipment and software, payable in monthly installments of $3,888 including interest at approximately 6.57% per annum, through February, 2021.		34,659		175,538		-
	$	59,369		204,366		-
Less current portion				59,369		-
			$	144,997	$	-

Capital Lease Obligations

Year Ending	Total Minimum Lease Payment		Less Amount Representing Interest		Present Value of Minimum Lease Obligation
2017	$	70,082	$	10,713	$	59,369
2018		50,772		8,042		42,730
2019		46,654		5,383		41,271
2020		46,345		2,281		44,064
2021		17,141		209		16,932
	$	230,994	$	26,628	$	204,366

The fixed assets related to the capital leases are as follows:

	2016		2015
Cost	$	247,811	$	-
Depreciation	$	27,673		-
Net Book Value	$	220,138	$	-

A facility held under a capital lease has a net book value of

$0

at

September

30,

2016.

Future minimum lease payments which extend through

2061

are immaterial.