13. Capitalized Lease Obligations

12 Months Ended

Mar. 31, 2014

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

13. 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 $164,274 and $192,386 at March 31, 2014 and 2013, respectively. There were no new capital lease obligations during fiscal years 2014 and 2013. As of March 31, 2014 and 2013, accumulated amortization under capital leases was $446,721 and $418,608, respectively.

At March 31, 2014, future payments under capital leases are as follows over each of the next five fiscal years:

2015	$	59,592
2016		18,685
2017		4,670
2018		--
2019		--
Total minimum lease payments		82,947
Less amounts representing interest		(8,019	)
Present value of net minimum lease payments		74,928
Less current portion		(53,608	)
Long-term capital lease obligation	$	21,320