Equipment Lease Payable

12 Months Ended

Dec. 31, 2014

Notes to Financial Statements

8. Equipment Lease Payable

Future minimum lease payments, by year and in the aggregate, under equipment leases, which includes capital leases, as of December 31, 2014, are as follows:

For year ending December 31,	Lease Payments
2015	$	76,086
2016		48,696
Total	$	124,782
Less:  Amount representing interest		(14,538	)
Present value of future lease payments	$	110,244
Less:  Current portion		(64,101	)
Long term portion	$	46,143

As of December 31, 2014, the equipment has a gross and net book value of $305,641 and $240,720, respectively. Depreciation of assets held under capital leases in the amount of $20,377 is included in depreciation expense for both years ended December 31, 2014 and 2013.