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Capital Lease Commitments

9 Months Ended

Mar. 31, 2015

10. Capital Lease Commitments

During fiscal 2013 and 2014, the Company entered into three-year and five-year capital lease agreements for computer equipment which is included as part of Property and Equipment. During fiscal 2015, the Company entered into a five-year and a three and one-half year capital lease agreements for manufacturing equipment and is included as part of Property and Equipment. Assets under capital lease are included in manufacturing equipment for $546,663, with accumulated amortization as of March 31, 2015 of $15,248. Amortization related to capital leases will be included in depreciation expense.

The approximate future minimum lease payments under capital leases at March 31, 2015 were as follows:

Fiscal year ending June 30,	Capital Leases

2015	$	43,231
2016		172,624
2017		169,322
2018		167,335
2019		39,001
2020 and beyond		6,825
Total Minimum Payments		598,338
Less Imputed Interest		(78,778	)

Present value of minimum lease payments
included in capital lease obligations		519,560
Less short term portion		167,055
Long term portion	$	352,505

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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