Debt

12 Months Ended

Dec. 31, 2011

Debt

Debt Disclosure [Text Block]

Note 16-Line of Credit

The Company had 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 December 31, 2011 and 2010, respectively.

The Company incurred interest expenses on this line of credit of $0and $33,547for the years ended December 31 2011 and 2010, respectively.

Note 17 – Loan Payable

As of December 31, the Company has loan payable as follows:

	2011	2010
A auto loan payable to a bank, due in monthly installments of $1,346, including interest at 4.39% as of December 31, 2011. The final payment for the loan is scheduled on June 27, 2016.	$     180,104	$                    -
Less: Current portion	(126,650)	-
Loan payable, net of current	$    53,454	$                    -

Note 18 – Notes Payable

As of December 31, 2010, the Company had long term notes payable as follows:

Social Cube Inc.

Notes to Financial Statements

For The Years Ended December 31, 2011 And 2010 – (Cont’d)

	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 December 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 3% (6.25% as of December 31, 2010). The note matures in January 2012, and is collateralized by substantially all the assets of the Company.	-	82,539
Total notes payable	-	96,962
Less: Current portion	-	(65,778)
Notes payable, net of current	$                   -	$     31,203

Total interest expenses from the notes payable were $0and $8,411 for the years ended December 31, 2011 and 2010, respectively.

Note 19 - Capital Lease Obligations

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

	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 at 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

Social Cube Inc.

Notes to Financial Statements

For The Years Ended December 31, 2011 And 2010 – (Cont’d)

Total interest expenses from the capital lease obligations were $0 and $7,680for the years ended December 31, 2011 and 2010, respectively.