Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Commitments Under Operating Leases

Future minimum commitments under operating leases are as follows as of June 30, 2014:

Year	Amount

2014 (July - December)	$	91,883
2015		184,810
2016		186,098
2017		29,862
	$	492,653

Schedule of Leased Property Under Capital Leases

Leased property under capital leases at June 30, 2014 includes:

	June 30, 2014
Furniture and equipment	$	127,436
less: accumulated depreciation		(8,496	)
	$	118,940

Schedule of Future Minimum Lease Payments Under Capital Leases

Total depreciation expense under capital leases was $6,372 and $8,496 for the three and six months ended June 30, 2014 and as of that date the future minimum lease payments under capital leases were as follows:

Year	Amount

2014 (July - December)	$	21,478
2015		42,956
2016		42,956
2017		7,158
		114,548
Less amount representing interest		(1,135	)
Present value of minimum lease payments	$	113,413

Current maturities	$	42,272
Non-current maturities		71,141
	$	113,413

OSAGE EXPLORATION & DEVELOPMENT, INC. 10-Q