13. Capitalized Lease Obligations

12 Months Ended

Mar. 31, 2015

Disclosure Text Block Supplement [Abstract]

Debt and Capital Leases Disclosures [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 $79,938 and $164,274 at March 31, 2015 and 2014, respectively. There were no new capital lease obligations during fiscal years 2015 and 2014.  As of March 31, 2015 and 2014, accumulated amortization under capital leases was $531,057 and $446,721, respectively.

At March 31, 2015, future payments under capital leases are as follows over each of the next five fiscal years:

2016	$	18,685
2017		4,671
2018		--
2019		--
2020		--
Total minimum lease payments		23,356
Less amounts representing interest		(2,037	)
Present value of net minimum lease payments		21,319
Less current portion		(16,758	)
Long-term capital lease obligation	$	4,561