Capitalized Lease Obligations

12 Months Ended

Jan. 02, 2016

Capitalized Lease Obligations

Capitalized Lease Obligations

Minimum future lease payments under capital leases as of January 2, 2016, are as follows:

Year ending December:
2016	$         267,601
2017	246,752
2018	197,899
2019	41,304
Total minimum lease payments	753,556
Less amount representing interest at a rate of approximately 8.6% per year	89,278
Present value of net minimum lease payments	664,278
Less current portion	219,689
Long-term obligations under capital leases	$         444,589

Interest expenses related to capital leases were approximately $62,000, $47,000 and $34,000 for the years ended January 2, 2016, January 3, 2015 and December 28, 2013, respectively.