DEFERRED COMPENSATION

3 Months Ended

Jun. 30, 2017

Notes to Financial Statements

Note 9. DEFERRED COMPENSATION

In September 2004 the Company entered into a deferred compensation arrangement with a former stockholder. Under the terms of the arrangement, beginning in January 2005, the former stockholder receives semi-monthly payments of $4,167 through December 2024. The amount included on the Company’s balance sheets at December 31, 2015 and March 31, 2015 represents the net present value of the remaining payments calculated using a discount rate of 5%. The amount of deferred compensation expected to be paid within twelve months of the balance sheet date is classified as a current liability with the remainder classified as non-current. Future maturities of this obligation are as follows:

Year ending December 31:
2017		32,672
2018		68,264
2019		71,760
2020		75,435
2021		79,299
Thereafter		428,030
Total	$	755,460