11. Capitalized Lease Obligations

12 Months Ended

Mar. 31, 2013

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

11.                 Capitalized Lease Obligations

The Company has entered into lease commitments for furniture and equipment that meet the requirements for capitalization. The equipment has been capitalized and shown in equipment and leasehold improvements in the accompanying balance sheets.  The related obligations are also recorded in the accompanying consolidated balance sheets and are based upon the present value of the future minimum lease payments with interest rates ranging from 12% to 15%.  The net book value of equipment acquired under capitalized lease obligations amounted to $192,386 and $248,611 at March 31, 2013 and 2012, respectively. There were no new capital lease obligations during fiscal year 2013.  As of March 31, 2013 and 2012, accumulated amortization under capital leases was $418,609 and $362,384, respectively.

At March 31, 2013, future payments under capital leases are as follows over each of the next five fiscal years:

2014	$	91,335
2015		59,592
2016		18,685
2017		4,670
2018		--
Total minimum lease payments		174,282
Less amounts representing interest		(23,719	)
Present value of net minimum lease payments		150,563
Less current portion		(74,508	)
Long-term capital lease obligation	$	76,055