In December 2012 the Company acquired approximately 8,000 acres of agricultural land in the Shai Hills area of Ghana, West Africa. The lease requires total payments over nine years of $1,954,840. The Company paid the first year payment of $129,032, which included a payment at the acquisition date of $119,000 and a credit for $10,032 of costs and expenses advanced to the lessor by the Company during lease negotiations, which were expensed in prior periods. The lease has been accounted for as a capital lease. On the lease acquisition date, the present value of the minimum lease payments, calculated at a discount rate of 18%, was $1,055,575, which was booked as land under capital lease. The following is a schedule by year of future minimum lease payments under the capital lease, together with the present value of the minimum lease payments as of March 31, 2014:

	Amount
2014	$456,452
2015	248,387
2016	240,323
2017	232,258
2018	224,194
Thereafter	424,194
Total minimum lease payments	1,825,808
Less: amount representing interest	(889,233)
Present value of lease payments	936,575
Less: current portion	(124,939)
Long-term portion	$811,636

The Company has not made the required lease payment of $200,000 which was due on December 12, 2013. The Lessor has not demanded payment and is working with the Company in waiting for the payment. No modifications to the original lease agreement have been effectuated, and the prospective accounting for the land and capital lease obligation will be dictated by the terms of any potential modifications.