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CAPITAL LEASE OBLIGATIONS
3 Months Ended
Mar. 31, 2016
Capital Lease Obligations [Abstract]  
CAPITAL LEASE OBLIGATIONS

The Company has equipment under two capital lease obligations expiring at various times through June 2016.  The assets and liabilities under capital leases are recorded at the lower of the present value of the minimum lease payments or the fair values of the assets.

 

The implied interest rates related to these capital leases range from 7.4% to 8.9%. The gross book value and the net book value of the related assets are approximately $77,000 and $8,000, respectively, as of March 31, 2016, and $77,000 and $21,000, respectively, as of December 31, 2015.  Amortization of assets under capital leases is included in depreciation expense.