12. Capitalized Lease Obligations

12 Months Ended

Mar. 31, 2016

Disclosure Text Block Supplement [Abstract]

Debt and Capital Leases Disclosures [Text Block]

12.                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 9% to 14%.  The net book value of equipment acquired under capitalized lease obligations amounted to $51,230 and $79,938 at March 31, 2016 and 2015, respectively. There was one new capital lease for the year ended March 31, 2016 in the amount of $26,194. There were no new capital lease obligations during the year ended March 31, 2015.  As of March 31, 2016 and 2015, accumulated amortization under capital leases was $585,959 and $531,057, respectively.

At March 31, 2016, future payments under capital leases are as follows over each of the next five fiscal years:

2016	$	12,535
2017		7,864
2018		7,864
2019		7,864
2020		--
Total minimum lease payments		36,127
Less amounts representing interest		(5,371	)
Present value of net minimum lease payments		30,756
Less current portion		(10,232	)
Long-term capital lease obligation	$	20,524