OBLIGATIONS UNDER CAPITAL LEASES

12 Months Ended

Dec. 31, 2014

Debt and Capital Leases Disclosures [Text Block]

Note 6 – Obligations Under Capital Leases

The Company has ten capital lease obligations with four financing companies, collateralized by Gamma Knife equipment having an aggregate net book value of $18,279,000 at December 31, 2014. These obligations have stated interest rates ranging between 5.15% and 9.50%, are payable in 60 to 84 monthly installments, and mature between July 2015 and May 2020. As of December 31, 2013, the Company had nine capital lease obligations with four finance companies with an aggregate net book value of $20,680,000. At the end of the lease term, the Company has a bargain purchase option to purchase the equipment.

Future minimum lease payments, together with the present value of the net minimum lease payments under capital leases at December 31, 2014, are summarized as follows:

	Net Present Value
	of Minimum
	Lease Payments
Year ending December 31,
2015	$	5,108,000
2016		4,783,000
2017		4,282,000
2018		2,714,000
2019		1,415,000
Thereafter		380,000
Total capital lease payments		18,682,000
Less imputed interest		2,389,000
		16,293,000
Less current portion		4,103,000
	$	12,190,000