Long Term Debt and Other Term Obligations

12 Months Ended

Dec. 31, 2018

Debt Disclosure [Abstract]

Long Term Debt and Other Term Obligations

Long term debt and other obligations consisted of the following as of the periods presented below:

	DECEMBER 31, 2018						DECEMBER 31, 2017
	Current		Non-Current				Current		Non-Current
	Portion		Portion		Total		Portion		Portion		Total
Capital Lease Obligations (1)	$	107,325	$	122,040	$	229,365	$	101,591	$	232,109	$	333,700
Deferred Rent Liability (2)		46,332		73,952		120,284		70,021		78,336		148,357
Short term installment borrowings (3)		145,931		-		145,931		133,250		-		133,250
Total Other Term Obligations	$	192,263	$	73,952	$	266,215	$	203,271	$	78,336	$	281,607
Total Capital Leases and Other
Term Obligations	$	299,588	$	195,992			$	304,862	$	310,445

(1) As more fully described in Note 8, the Company entered into capital leases to acquire computer hardware and software for its customer facing infrastructure and two new automobiles that expire between 2020 and 2021.

(2) The Company has two significant long term building lease obligations that contain fixed rent escalations and rent abatements. The Company has recognized a deferred rent liability related to the difference between actual cash rent paid and rent recognized for financial reporting purposes.

(3) The Company annually finances the cost of its commercial liability insurance premiums for a period of less than 12 months. During the years ended December 31, 2018 and 2017, the Company financed approximately $195,200 and $191,400, respectively.

Future repayments on long-term and other obligations are as follows for fiscal years ending December 31:

	Capital		Other Term
	Leases		Obligations		Total
2019	$	107,325	$	192,263	$	299,588
2020		116,208		10,224		126,432
2021		5,832		1,251		7,083
2022		-		5,566		5,566
2023		-		9,880		9,880
Thereafter		-		47,031		47,031
	$	229,365	$	266,215	$	495,580

The following sets forth the Company’s future minimum payment obligations under capital lease agreements for fiscal years ending December 31:

2019	$	121,421
2020		121,421
2021		6,042
Total principal and interest payments		248,884
Less: portion representing interest		19,519
Present value of minimum lease payments
under capital leases		229,365
Less: current portion		107,325
Capital leases, net of current portion	$	122,040