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Leases
3 Months Ended
Jun. 30, 2011
Leases  
Capital Leases in Financial Statements of Lessee Disclosure [Text Block]

Note 9 - Capital Lease Obligations

 

The Company entered into numerous capital lease agreements with leasing companies to purchase certain equipment and transportation vehicles.  As of June 30, 2011 and December 31, 2010, these assets are carried as follows: 

 

 

June 30,

 

December 31,

 

2011

 

2010

 

 

 

 

Equipment

$                    -

 

$           162,889

 Transportation vehicles

-

 

      32,800

Less: Accumulated depreciation

 -

 

        (190,340)  

 

$                    -

 

$               5,349

 

The related future minimum lease payments under the capital lease obligations are as follows:

 

June 30,

 

December 31,

 

2011

 

2010

 

 

 

 

Total minimum lease payments

$                     -

 

$             34,868

Less: Amount representing interest

-

 

(4,558)

Present value of net minimum lease payments

-

 

30,310

 

 

 

 

Less: Current portion

-

 

(20,447)

 

 

 

 

Capital lease obligations, net of current portion

$                     -

 

$               9,863

 

 

Total interest expenses from the capital lease obligations were $0 and $4,259 for the six months ended June 30, 2011 and 2010, respectively.