Payables and Accruals

3 Months Ended

Jun. 30, 2011

Payables and Accruals

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

Note 7- Line of Credit

The Company has a line of credit with a bank with a maximum borrowing limit of $450,000. The outstanding balance was $0 and $450,000 as of June 30, 2011 and December 31, 2010.

The Company incurred interest expenses on this line of credit of $0 and $11,098 for the six months ended June 30, 2011 and 2010, respectively.

Note 8 - Notes Payable

The Company has long term notes payable as follows:

	June 30,	December 31,
	2011	2010
A note payable to a bank, due in monthly installments of $2,931, including interest at the bank’s prime plus 1.25% (4.50% as of March 31, 2010). The note matures in May 2011, and is collateralized by substantially all the assets of the Company. The note is subject to various restrictive covenants, including maintenance of financial ratios at all times.	$             -	$      14,423
A note payable to a bank, due in monthly installments of $4,587, including interest at the bank’s prime plus 1.50% with minimum interest rate of 6.25% (6.25% as of March 31, 2010). The note matures in January 2012, and is collateralized by substantially all the assets of the Company.	-	82,558
Total notes payable	-	96,981
Less: Current portion	-	(65,778)
Notes payable, net of current	$            -	$     31,203

Total interest expense on the notes payable were $0 and $4,655 for the six months ended June 30, 2011and 2010, respectively.