Capital Leases

3 Months Ended

Mar. 31, 2014

Capital Leases

Capital Leases

Note 4. Capital Leases

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 ($52,852), is included in the condensed consolidated balance sheets as property, plant and equipment.  Accumulated amortization of the leased equipment at March 31, 2014 was approximately ?31,966 ($44,000).  The capital lease is in the amount of ?41,256 ($56,800) 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 ($1,580).  The net present value of the lease at March 31, 2014 was ?5,662 ($8,000).