Annual report pursuant to Section 13 and 15(d)

10. Equipment Financing Obligations

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10. Equipment Financing Obligations
12 Months Ended
Dec. 31, 2015
Pro forma financial information  
10. Equipment Financing Obligations

During the years ended December 31, 2015 and 2014, the Company entered into several equipment financing or capital lease arrangements to finance the purchase of network hardware and software utilized in the Company’s operations.  These arrangements require monthly payments over a period of 24 to 48 months with interest rates ranging between 5.3% and 6.6%.  

 

The Company’s equipment financing obligations at December 31, 2015 and 2014 are as follows:

 

    December 31,     December 31,  
    2015     2014  
             
Equipment financing obligations   $ 3,044,796     $ 2,364,835  
Less: current portion     (959,380 )     (662,131 )
Long-term portion   $ 2,085,416     $ 1,702,704  

 

The estimated principal payments under capital lease agreements for the years ending subsequent to December 31, 2015 are as follows:

 

    Principal  
Year ending December 31:      
2016   $ 959,380  
2017     956,752  
2018     911,038  
2019     217,626  
    $ 3,044,796