Sonnet BioTherapeutics, Inc. Quarterly report pursuant to Section 13 or 15(d)

CAPITAL LEASES PAYABLE (Tables)

9 Months Ended

Sep. 30, 2013

Capital leases payable at September 30, 2013 and December 31, 2012 is associated with the South African Operations and consists of the following.

	2013		2012

Capital lease payable, due in 49 monthly installments of $1,081, including interest at 10%, through April 2016	$	30,431	$	38,548

Capital lease payable, due in 32 monthly insallments of $800 including interest at 10%, through November 2014		10,847		17,183

Capital lease payable, due in 34 monthly installments of $1,560, including interest at 11.5%, through July 2016		51,408		-

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		17,532		25,363
Total capital leases payable		110,218		88,483
Current maturities		47,186		27,965
Capital leases payable, less current maturities	$	63,032	$	60,518

Annual requirements for capital lease obligations are as follows:

September 30,		Amount
	2014	$	54,608
	2015		40,051
	2016		24,509
	Total minimum lease payments		119,168
	Less: amount representing interest		(8,950)
	Present Value of Net Minimum Lease Payments	$	110,218