Note 5 - Capital Lease Obligations

3 Months Ended

Jun. 30, 2011

Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

5.           Capital Lease Obligations

The Company has three outstanding capital lease obligations. The first lease originating in March 2010 has a cost of $215,000, accumulated depreciation of $66,000 and a net book value of $149,000 at June 30, 2011.  The second lease originating in November 2010 has a cost of $48,000, accumulated depreciation of $11,000 and a net book value of $37,000 at June 30, 2011.   The third lease originating in June 2011 has a cost of $140,300.

Annual future minimum lease payments required under the lease, together with the present value as of June 30, 2011, are as follows (in thousands):

Year Ending December 31,	Amount
2011	$	78
2012		154
2013		110
2014		23
		365
Less amount representing interest		38
Present value of net minimum lease payments
included with other liabilities	$	327