OBLIGATIONS UNDER CAPITAL LEASES

12 Months Ended

Dec. 31, 2015

Debt and Capital Leases Disclosures [Text Block]

Note 6 – Obligations Under Capital Leases

The Company has eleven capital lease obligations with four financing companies, collateralized by Gamma Knife equipment having an aggregate net book value of $17,608,000, the individual customer contracts and related accounts receivable at December 31, 2015. These obligations have stated interest rates ranging between 5.00% and 10.36%, are payable in 36 to 89 monthly installments, and mature between June 2017 and June 2020. As of December 31, 2014, the Company had ten capital lease obligations with four finance companies with an aggregate net book value of $18,279,000. At the end of each 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, 2015, are summarized as follows:

	Net Present Value
	of Minimum
	Lease Payments
Year ending December 31,
2016	$	5,080,000
2017		4,621,000
2018		3,051,000
2019		1,739,000
2020		501,000
Thereafter		-
Total capital lease payments		14,992,000
Less imputed interest		1,471,000
		13,521,000
Less current portion		4,331,000
	$	9,190,000