Capital Leases

12 Months Ended

Dec. 31, 2013

Schedule of Future Minimum Payments for Leases (Tables)

Capital Leases

  4. Capital Leases

On August 1, 2010, the Company entered into a financial lease agreement with Dell Financial Services for new computer servers.  The cost of the equipment under the capital lease, in the amount of $22,000, is included in the consolidated balance sheets as property, plant and equipment.  Accumulated amortization of the leased equipment at December 31, 2013 was approximately $22,000.  The capital lease is in the amount of $20,698 including interest of $1,605 (implicit interest rate 5.3%).  The 36 month lease was fully amortized on August 1, 2013.

On September 4, 2011, TPT entered into a financial lease agreement with Diependael Leasing, BV for equipment related to the production of ALUPREM.  The cost of the equipment under the capital lease, in the amount of €38,360 ($52,700), is included in the consolidated balance sheets as property, plant and equipment.  Accumulated amortization of the leased equipment at December 31, 2013 was approximately €30,000 ($41,000).  The capital lease is in the amount of €41,256 ($56,700) including interest of €2,896 ($4,000) (implicit interest rate 4.786%).  The lease term is 36 months with equal monthly installments of €1,146 ($1,575).  The net present value of the lease at December 31, 2013 was €9,168 ($12,000).

On February 5, 2012, TPT entered into a financial lease agreement with Sympatec GmbH for lab equipment.  The cost of the equipment under the capital lease, in the amount of €52,000 ($71,500), is included in the consolidated balance sheets as property, plant and equipment.  Accumulated amortization of the leased equipment at December 31, 2013 was approximately €14,300 ($19,600).  The capital lease is in the amount of €56,988 ($77,300) including interest of €4,860 ($6,600) (implicit interest rate 16.785%).  The lease term is 12 months with equal monthly installments of €4,749 ($6,271).  The 12 month lease was fully amortized on February 5, 2013.

The following table sets forth the minimum future lease payments under these leases as of December 31, 2013 until maturity:

Year Ending December 31, 2014
(In thousands)
Total minimum lease payments	$	12
Less:  Amount representing executory costs		-
Net minimum lease payments		12
Less:  Amount representing interest		-
Present value of net minimum lease payments		12
Less:  Current maturities of capital lease obligations		(12)
Long-term capital lease obligations, net of current maturities	$	-