Note 7 - Finance Leases

6 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Lessee, Finance Leases [Text Block]

NOTE

7

 – FINANCE LEASES

During

September 2016,

the Company leased equipment with a cost of approximately

$129,000

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

September 30, 2019

is approximately

$75,000.

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

September 30, 2019,

are approximately as follows:

For the twelve-month period ending September 30,
2020	$	35,000
2021		3,000
		38,000
Less: Amount attributable to imputed interest		500
Present value of minimum lease payments		37,500
Less: Current maturities		31,000
	$	6,500