| Schedule of debt |
Debt
as of December 31, 2014 and 2013 was comprised of the following:
| |
|
2014 |
|
|
2013 |
|
| |
|
|
|
|
|
|
| June 2011
Note (See above) |
|
$ |
68,000 |
|
|
$ |
68,000 |
|
| |
|
|
|
|
|
|
|
|
| Note
payable dated February 2012, interest at 5% per annum, $112,500 is due December 31, 2014, convertible in whole or in part
to common stock at $.50 per share. (see Note 18) |
|
|
225,000 |
|
|
|
225,000 |
|
| |
|
|
|
|
|
|
|
|
| Promissory
note dated December 2009, unsecured, bearing interest at 6% per annum, six monthly payments ranging from $10,000 to $25,000
commencing February 2010, balloon payment for outstanding balance due July 2010. The promissory note was in default as of
December 31, 2013 and was paid in full January 2014. |
|
|
— |
|
|
|
104,200 |
|
| |
|
|
|
|
|
|
|
|
| Capital
lease obligations, secured by certain assets, maturing September 2011 through August 2016 |
|
|
130,900 |
|
|
|
155,600 |
|
| Total
notes payable and capital lease obligations |
|
|
423,900 |
|
|
|
552,800 |
|
| |
|
|
|
|
|
|
|
|
| Less: current
portion, including debt discount |
|
|
(363,000 |
) |
|
|
(504,700 |
) |
| Notes
payable and capital lease obligations, long-term |
|
$ |
60,900 |
|
|
$ |
48,100 |
|
|
| Schedule of future minimum lease payments |
Future
minimum lease payments under capital leases, which include bargain purchase options, are as follows at December 31, 2014:
| 2015 |
|
$ |
82,800 |
|
| 2016 |
|
|
30,300 |
|
| 2017 |
|
|
35,400 |
|
| Total minimum lease
payments |
|
|
148,500 |
|
| Amount
representing interest |
|
|
(17,600 |
) |
| Present value of lease
payments |
|
|
130,900 |
|
| Less
current portion |
|
|
(70,000 |
) |
| Non-current
portion |
|
$ |
60,900 |
|
|