Quarterly report pursuant to Section 13 or 15(d)

9. Equipment Financing Obligations

v3.7.0.1
9. Equipment Financing Obligations
6 Months Ended
Jun. 30, 2017
Equipment Financing Obligations  
9. Equipment Financing Obligations

From time to time, the Company enters into equipment financing or capital lease arrangements to finance the purchase of network hardware and software utilized in its 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 are as follows:

 

    June 30,     December 31,  
    2017     2016  
Equipment financing obligations   $ 2,222,350     $ 2,239,661  
Less: current portion     (1,238,986 )     (1,002,578 )
Long-term portion   $ 983,364     $ 1,237,083  

 

The Company’s payment obligations under its capital leases are as follows:

 

Year ending December 31:     Principal  
remainder of 2017     $ 642,084  
2018       1,140,586  
2019       429,486  
2020       10,194  
      $ 2,222,350