Note 7 - Capital Leases

9 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

NOTE

7

 – CAPITAL LEASES

During

September 2016,

the Company leased equipment with a cost of approximately

$129,000

under provisions of various long-term leases whereby the minimum lease payments have been capitalized. Accumulated depreciation at

December 31, 2019

is approximately

$81,000.

The leases expire over various months through

2020.

Depreciation of the leased assets is included in depreciation and amortization expense. The lease obligations are secured by the leased assets.

Future minimum lease payments under the above capital leases, as of

December 31, 2019,

are approximately as follows:

For the twelve-month period ending December 31,
2020	$	30,000
Less: Amount attributable to imputed interest		(500	)
Present value of minimum lease payments		29,500
Less: Current maturities		29,500
	$	-0-