General form of registration statement for all companies including face-amount certificate companies

Capital Lease Obligations

v3.21.1
Capital Lease Obligations
12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Capital Lease Obligations

7. Capital Lease Obligations

 

The Company’s property under capital leases, which is included in property and equipment, is summarized as follows at December 31:

 

    2020     2019  
Equipment   $ -     $ 444,314  
Less - accumulated depreciation     -       (55,901 )
Net Book Value   $ -     $ 388,413  

 

The capital leases require monthly payments ranging from $1,066 to $9,629 with interest rates ranging from 4.83% to 5.67% through October 2024. During the year ended December 31, 2020, the Company paid off the capital lease balance of $455,760.