Sonnet BioTherapeutics, Inc. Annual report pursuant to Section 13 and 15(d)

CAPITAL LEASES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2013

Capital leases payable at December 31, 2013 and 2012 is associated with the South African operations and consists of the following:

	December 31,		December 31,
	2013		2012

Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016	$	28,589	$	38,548

Capital lease payable, due in 32 monthly installments of $800 including interest at 10%, through November 2014		8,627		17,183

Capital lease payable, due in 34 monthly installments of $1,560, including interest at 11.5%, through July 2016		46,721		-

Capital lease payable, due in 34 monthly installments of $2,200, including interest at 11.5%, through November 2016		66,354		-

Capital lease payable, due in 14 monthly installments of $1,470, including interest at 10%, through May 2013		-		7,389

Capital lease payable, due in 36 monthly installments of $1,022, including interest at 10%, through February 2015		14,789		25,363
Total capital leases payable		165,080		88,483
Current maturities		59,162		27,965
Capital leases payable, less current maturities	$	105,918	$	60,518

Annual requirements for capital lease obligations are as follows:

December 31,	Amount
2014	$	59,181
2015		57,063
2016		48,836
Total minimum lease payments		165,080
Less: amount representing interest		(12,140)
Present Value of Net Minimum Lease Payments	$	152,940