Quarterly report pursuant to Section 13 or 15(d)

Capital Lease Obligations - Related Party

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Capital Lease Obligations - Related Party
9 Months Ended
Sep. 30, 2018
Capital Lease Obligations [Abstract]  
Capital Lease Obligations - Related PArty

Note 5– Capital Lease Obligations – Related Party

 

 

On March 7, 2018, the Company entered into a lease with Systems Trading, Inc. ("Systems Trading"), a company owned by DSC's President, to refinance old leases and Notes payable – related party referenced above and in Note 7. The lease calls for bi monthly payments of $23,475 and expires on April 6, 2022. It carries an interest rate of 5%.

 

Future minimum lease payments under the capital leases are as follows:

 

As of September 30, 2018   $ 2,018,850  
Less amount representing interest     (172,277 )
Total obligations under capital leases     1,846,573  
Less current portion of obligations under capital leases     (461,941 )
Long-term obligations under capital leases   $ 1,384,632  

 

 

Long-term obligations under the capital leases at September 30, 2018 mature as follows:

 

For the Twelve months ending September 30,        
2019     $ 563,400  
2020       563,400  
2021       563,400  
2022       328,650  
      $ 2,018,850  

 

The assets held under the capital leases are included in property and equipment as follows:

 

Equipment   $ 3,272,888  
Less: accumulated depreciation     1,634,485  
    $ 1,638,403