The following is a schedule of future minimum payments required for the capital lease obligations at June 30, 2020:
Year ending June 30,
2021 $ 925,188
2022 1,353,014
2023 1,353,014
2024 1,353,014
2025 1,353,014
2026-2036 7,835,029
Total minimum lease payments 14,172,273
Less: amounts representing interest (38,314)
Present value of minimum lease payment $ 14,133,959
The University leases certain assets under operating lease agreements. The operating leases expire in various years through 2025. These leases do not transfer assets at the end of the lease term. Periods on these leases range from one to five years and requires the University to pay all executor costs (maintenance, insurance, taxes).
Future minimum lease payments at June 30, 2020, are as follows:
Year ending June 30,
2021 $ 317,592
2022 305,692
2023 228,493
2024 198,329
2025 34,954
$ 1,085,060
Lease expense was $293,600 for the year ended June 30, 2020.
31.