Note 7 - Capital Leases

12 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

NOTE 

7

 – CAPITAL LEASES

D

uring

September 2016

the Company leased equipment with a cost of approximately

$129,000,

under provisions of various long-term capital leases whereby the minimum lease payments have been capitalized. Accumulated depreciation at

March 31, 2017

is approximately

$2,000.

The leases expire over various years through

2021.

Depreciation of the leased assets is included in depreciation and amortization expense. The lease obligations are secured by the leased assets.

Future minimum lease payments under the above capital leases, as of

March 31, 2017,

are approximately as follows:

For the Years Ending March 31,
2018	$	35,000
2019		35,000
2020		35,000
2021		18,000
		123,000
Less: Amount attributable to imputed interest		8,000
Present value of minimum lease payments		115,000
L ess: Current maturities		31,000
	$	84,000