0001144204-12-045419.txt : 20120814 0001144204-12-045419.hdr.sgml : 20120814 20120814131015 ACCESSION NUMBER: 0001144204-12-045419 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120630 FILED AS OF DATE: 20120814 DATE AS OF CHANGE: 20120814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Banyan Rail Services Inc. CENTRAL INDEX KEY: 0000764897 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 363361229 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-09043 FILM NUMBER: 121031270 BUSINESS ADDRESS: STREET 1: 2255 GLADES ROAD STREET 2: SUITE 342-W CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 2167375000 MAIL ADDRESS: STREET 1: 2255 GLADES ROAD STREET 2: SUITE 342-W CITY: BOCA RATON STATE: FL ZIP: 33431 FORMER COMPANY: FORMER CONFORMED NAME: BHIT INC DATE OF NAME CHANGE: 19990518 FORMER COMPANY: FORMER CONFORMED NAME: BANYAN HOTEL INVESTMENT FUND DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: VMS HOTEL INVESTMENT FUND DATE OF NAME CHANGE: 19910623 10-Q 1 v318515_10q.htm 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

þ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended June 30, 2012

¨ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission file number: 1-9043

Banyan Rail Services Inc.

(Exact name of registrant as specified in its charter)

Delaware		36-3361229
(State of incorporation)		(I.R.S. Employer Identification No.)

2255 Glades Road, Suite 342-W, Boca Raton, Florida 33431

(Address of principal executive offices)

561-997-7775

(Registrant’s telephone number)

Indicate by a check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No þ

Indicate by a check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large Accelerated Filer ¨	Accelerated Filer ¨
Non-Accelerated Filer ¨	Smaller Reporting Company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 3,045,856 shares of common stock, $0.01 par value per share, as of August 10, 2012.

Table of Contents

Part I — Financial Information	3
Item 1. Financial Statements	3
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Cautionary Statement Concerning Forward-Looking Statements	17
Overview	17
Recent Events	18
Critical Accounting Policies and Estimates	18
Results from Operations	21
Revenues	21
Gross profit	21
General and administrative expenses	22
Interest expense	22
Income tax expense	23
Net Loss	23
Financial Condition and Liquidity	23
Off-Balance Sheet Arrangements	25
How to Learn More about Banyan	25
Item 4. Controls and Procedures	26
Part II — Other Information	26
Item 1. Legal Proceedings	26
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 3. Defaults Upon Senior Securities	26
Item 5. Other Information	26
Item 6. Exhibits	27
Signatures	28

Part I — Financial Information

Item 1. Financial Statements

Banyan Rail Services Inc. and Subsidiary

Condensed Consolidated Balance Sheets

As of

	June 30,			December 31,
	2012			2011
	(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	19,061		$	314,233
Accounts receivable - trade		1,056,154			448,279
Cost incurred related to deferred revenue		3,326,914			2,189,610
Prepaid expenses and other current assets		335,402			98,664
Total current assets		4,737,531			3,050,786

Property and equipment, net		3,266,125			2,649,764

Other assets
Deferred income taxes		491,002			569,582
Identifiable intangible assets, net		1,260,640			1,336,622
Goodwill		3,658,364			3,658,364
Other assets		124,224			135,026
Total other assets		5,534,230			5,699,594

Total assets	$	13,537,886		$	11,400,144

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued expenses	$	1,058,444		$	882,747
Deferred revenue		2,964,612			2,050,163
Current portion of long-term debt		675,812			744,066
Current portion of capital leases		150,032			131,690
Accrued dividends		240,699			216,223
Total current liabilities		5,089,599			4,024,889

Long-term debt, less current portion		3,575,893			2,442,479
Capital leases, less current portion		211,328			144,967
Total liabilities		8,876,820			6,612,335

Commitments and contingencies

Stockholders' equity
Series A Preferred stock, $.01 par value. 20,000 shares authorized and issued		200			200
Series B Preferred stock, $.01 par value. 10,000 shares authorized and issued		754,332			832,036
Series C Preferred stock, $.01 par value. 20,000 shares authorized and 14,000 and 7,850 shares issued, respectively		1,400,000			785,000
Common stock, $0.01 par value. 7,500,000 shares authorized. 3,045,856 issued		30,458			30,458
Additional paid-in capital		92,782,577			92,899,056
Accumulated deficit		(90,235,812	)		(89,688,252	)
Treasury stock, at cost, for 28,276 shares		(70,689	)		(70,689	)
Total stockholders' equity		4,661,066			4,787,809

Total liabilities and stockholders' equity	$	13,537,886		$	11,400,144

See Notes to Condensed Consolidated Financial Statements

Banyan Rail Services Inc. and Subsidiary

Condensed Consolidated Statements of Operations

(Unaudited)

	Six months ended June 30,						Three months ended June 30,
	2012			2011			2012			2011

Revenues	$	1,652,693		$	2,908,316		$	973,506		$	1,598,428
Cost of sales		1,074,017			2,166,841			764,798			1,183,128
Gross profit		578,676			741,475			208,708			415,300
General & administrative expenses		859,243			1,073,381			400,864			567,320
Loss from operations		(280,567	)		(331,906	)		(192,156	)		(152,020	)
Interest expense		188,413			156,206			106,356			81,261
Loss before income taxes		(468,980	)		(488,112	)		(298,512	)		(233,281	)
Income tax provision		78,580			-			78,580			-
Net loss	$	(547,560	)	$	(488,112	)	$	(377,092	)	$	(233,281	)

Dividends for the benefit of preferred stockholders:
Preferred stock dividends		(196,951	)		(141,269	)		(95,067	)		(74,269	)
Amortization of preferred stock beneficial conversion feature		(77,704	)		(65,843	)		(38,852	)		(38,851	)
Total dividends for the benefit of preferred stockholders		(274,655	)		(207,112	)		(133,919	)		(113,120	)
Net loss attributable to common stockholders	$	(822,215	)	$	(695,224	)	$	(511,011	)	$	(346,401	)

Weighted average number of common shares outstanding:
Basic and diluted		3,045,856			3,045,856			3,045,856			3,045,856

Net loss per common share, basic and diluted	$	(0.18	)	$	(0.16	)	$	(0.12	)	$	(0.08	)
Net loss attributable to common shareholders per share	$	(0.27	)	$	(0.23	)	$	(0.17	)	$	(0.11	)

See Notes to Condensed Consolidated Financial Statements.

Banyan Rail Services Inc. and Subsidiary

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six months ended June 30,
	2012			2011
Cash flows from operating activities:
Net loss	$	(547,560	)	$	(488,112	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		361,907			311,523
Amortization of identifiable intangible assets		75,982			131,266
Stock compensation expense		2,768			25,758
Deferred income taxes		78,580			-
Amortization of deferred loan costs		30,938			25,703
Loss (gain) on sales of equipment		1,827			(9,193	)
Changes in assets and liabilities:
(Increase) decrease in accounts receivable		(607,875	)		245,085
Increase in costs incurred related to deferred revenue		(1,137,304	)		(471,868	)
(Increase) decrease in prepaid expenses and other current assets		(236,738	)		74,190
Increase in other assets		(20,136	)		(21,580	)
Increase (decrease) in accounts payable and accrued expenses		175,697			(73,373	)
Increase in deferred revenue		914,449			696,224
Net cash (used in) provided by operating activities		(907,465	)		445,623

Cash flows used in investing activities:
Acquisition of property and equipment		(819,357	)		(500,692	)
Proceeds from the sale of equipment		-			78,000
Net cash used in investing activities		(819,357	)		(422,692	)

Cash flows from financing activities:
Proceeds from sale of preferred stock		615,000			393,382
Payment of preferred stock dividends		(172,475	)		(105,563	)
Proceeds from long-term debt		3,430,000			337,161
Proceeds from line of credit		952,878			70,000
Payments of line of credit		(892,231	)		(186,028	)
Payment of capital leases		(76,035	)		(45,732	)
Payments of long-term debt		(2,425,487	)		(396,017	)
Net cash provided by financing activities		1,431,650			67,203

Net (decrease) increase in cash and cash equivalents		(295,172	)		90,134
Cash and cash equivalents, beginning of period		314,233			61,969
Cash and cash equivalents, end of period	$	19,061		$	152,103

Supplemental disclosure of cash flow information:
Cash paid during the period for:
Interest	$	91,615		$	110,793
Taxes	$	-		$	2,300

Non cash financing activities:
Preferred stock dividend in excess of payments	$	240,699		$	141,269
Property acquired under capital leases	$	160,738		$	23,496

See Notes to Condensed Consolidated Financial Statements.

Banyan Rail Services Inc. and Subsidiary

Consolidated Statements of Stockholders’ Equity

Periods Ended December 31, 2011 and June 30, 2012

	Common Stock				Preferred Stock										Treasury Stock
	Shares Issued		Amount		Shares Issued		Amount		Additional Paid in Capital			Accumulated Deficit			Shares	Amount			Total

Stockholders’ equity December 31, 2010		3,045,856	$	30,458		26,000	$	576,637	$	93,045,614		$	(88,859,202	)	28,276	$	(70,689	)	$	4,722,818

Issuance of preferred stock - Series B						4,000		255,599		137,784										393,383
Issuance of preferred stock - Series C						7,850		785,000												785,000
Stock compensation expense										28,153										28,153
Net loss for the year ended December 31, 2011													(829,050	)						(829,050	)
Preferred stock dividends										(312,495	)									(312,495	)
Stockholders’ equity December 31, 2011		3,045,856	$	30,458		37,850	$	1,617,236	$	92,899,056		$	(89,688,252	)	28,276	$	(70,689	)	$	4,787,809

Amortization of beneficial conversion feature preferred stock - Series B										77,704										77,704
Issuance of preferred stock - Series C						6,150		537,296												537,296
Stock compensation expense										2,768										2,768
Net loss for the six months ended June 30, 2012													(547,560	)						(547,560	)
Preferred stock dividends										(196,951	)									(196,951	)
Stockholders’ equity June 30, 2012		3,045,856	$	30,458		44,000	$	2,154,532	$	92,782,577		$	(90,235,812	)	28,276	$	(70,689	)	$	4,661,066

See Notes to Condensed Consolidated Financial Statements.

Notes to Condensed Consolidated Financial Statements

Note 1. Nature of Operations

Banyan Rail Services Inc. (“Banyan,” “we,” “our” or the “Company”) owns 100% of the common stock of The Wood Energy Group, Inc. (“Wood Energy”). Wood Energy engages in the business of railroad tie reclamation and disposal, principally in the south and southwest.

Note 2. Basis of Presentation

We have prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and Regulation S-X. In the opinion of management, these condensed consolidated financial statements give effect to all normal recurring adjustments necessary to present fairly the financial position and results of operations and cash flows of the Company and Wood Energy, its wholly owned subsidiary, for the periods presented.

All significant intercompany transactions and accounts have been eliminated in consolidation.

Although we believe that the disclosures included in our condensed consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been omitted. Accordingly, the accompanying condensed consolidated financial statements should be read in conjunction with the Company’s latest annual report on Form 10-K for the year ended December 31, 2011 filed with the SEC.

The results of operations for the six months ended June 30, 2012 are not necessarily indicative of the results to be expected for the full 2012 year.

Note 3. Summary of Significant Accounting Policies

Revenue Recognition

The Company recognizes revenue for the pick-up and disposal of used railroad ties upon the completion of the scope of work required under its contracts, which is when the Company considers amounts to be earned (evidence of an arrangement has been obtained, services are delivered, fees are fixed and determinable and collectability is reasonably assured). Accordingly, monies received or progress invoices for services for which contracts have not been completed have been recorded as deferred revenue on the balance sheet. Direct costs, including but not limited to payroll, fuel, equipment rental, transportation expense and strapping costs for contracts which have not been completed are also deferred until the related revenue process is complete.

The Company receives revenue from the processing of railroad ties into scrap tie fuel and the sale of certain scrap ties to landscapers, railroad tie users (relay) and other railroad tie processors. These revenues are recorded when the ties or derivative materials are delivered to the customer.

Use of Estimates

The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment, and the useful lives of intangible assets.

Cash and Cash Equivalents

The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Trade accounts receivable are recorded net of an allowance for doubtful accounts. An allowance is estimated from historical performance and current market and economic conditions. Uncollectible accounts are charged to operations if write offs are deemed necessary. As of June 30, 2012 and December 31, 2011 no allowance has been provided as all accounts receivable are deemed collectible.

Property and Equipment

Property and equipment owned and under capital leases are carried at cost. Depreciation of property and equipment is provided using the straight line method for financial reporting purposes at rates based on the following estimated useful lives:

	Years
Machinery and equipment	3-7
Track on leased properties	4

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Valuation of Long-Lived Assets

The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its assets, management performs an analysis of the anticipated undiscounted future net cash flows of the individual assets over the remaining amortization period or an appraisal of market value is obtained.

Fair Value of Financial Instruments

Recorded financial instruments consist of cash, accounts receivable, accounts payable, and short-term and long-term debt and lease obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company.

Earnings Per Share

Basic earnings per share is computed based on the weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents.

Goodwill and Intangibles

Goodwill is not amortized but rather is tested at least annually for impairment. The Company assesses impairment by comparing the fair value of the goodwill with its carrying value. The determination of fair value involves significant management judgment. Impairments are expensed when incurred. For goodwill, a two-step impairment model is used. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than the carrying amount, goodwill would be considered impaired. The second step measures the goodwill impairment as the excess of the recorded goodwill over the asset’s implied fair value. During the six months ended June 30, 2012 and 2011, there were no impairments of goodwill.

Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.

ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

Inventory

Inventory includes the costs of material, labor and direct overhead and is stated at the lower of cost or market. Inventory is accumulated to service the landscape tie and scrap tie fuel markets. Inventory at June 30, 2012 and December 31, 2011 was approximately $307,000 and $35,000, respectively and was included in prepaid and other current assets on the balance sheets.

Retained Earnings Distributions

The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company. In addition, the Company is unable to pay dividends on its common stock until dividends are paid on its preferred stock.

Note 4. Leases

The Company leases equipment used in its operations under capital leases that expire over two to five years. Payments under these capital leases were approximately $133,000 and $46,000 for the six months ended June 30, 2012 and 2011.

At June 30, 2012, the total future minimum rental commitments under all the above leases are as

follows:

For the years ending December 31,

2012	$	99,966
2013		145,629
2014		91,035
2015		70,822
2016		23,420
Net minimum lease payments		430,872
Less amount representing interest		69,512
Present value of net minimum lease payments		361,360
Amount representing current portion		(150,032	)

Capital leases payable, less current portion	$	211,328

The Company also had an operating lease for unimproved land in Shreveport, La, where its processing facility was located, for a two year period ended January 2012, for which the Company extended the term on a month to month basis until April 2012. Payments under this operating lease were $12,000 and $18,000 for the six months ended June 30, 2012 and 2011, respectively.

On August 29, 2011, the Company entered into a lease with a former related party for a new facility in Gibsland, La. This facility replaced the Company’s previous facility in Shreveport, La. The lease took effect in January 2012 upon the completion of development of the site. The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars per year to the leased facility at a rate of $300 per car. For the six months ended June 30, 2012, the Company made payments of approximately $132,469 under this lease.

The Company has operating leases for railcars which expire within one to three years. During the six months ended the Company entered into a new three year lease for 50 railcars, of which 21 have been delivered. The lease expires on the third anniversary date the first car was delivered to the Company. Future commitments under these obligations for delivered cars as of June 30, 2012 are as follows:

For the years ending December 31,

2012	$	182,250
2013		171,450
2014		107,100
2015		53,550

	$	514,350

Note 5. Term Loan and Revolving Credit Line

As of June 30, 2012, the Company’s outstanding debt is as follows:

Term note dated March 27, 2012 in the amount of $430,000 that matures on April 15, 2017. The term note has monthly principal and interest payments of $8,445, with an interest rate of 6.66%. The note is secured by certain of the Company's equipment.	$	417,846

Term note dated May 11, 2012, in the amount of $3.0 million that matures on June 1, 2017. Principal payments of $50,000 per month plus interest. The note bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.		3,000,000

$1.0 million line of credit for working capital dated May 11, 2012 that matures on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and is secured by certain of the Company’s assets.		759,790

$500,000 line of credit for capital expenditures dated May 11, 2012 that matures on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.		74,069

		4,251,705
Less current portion of long-term debt		(675,812	)

Long-term debt	$	3,575,893

The maximum loan advances on the working capital line are based on specific percentages of eligible working capital amounts, including accounts receivable and inventory. Draws on the capital expenditures line are based on 80% of the cost of such capital expenditures.

The credit facilities contain financial covenants pertaining to fixed charges, total debt and minimum earnings before interest, taxes, depreciation and amortization (EBITDA) and are tested quarterly. As of June 30, 2012, the Company is in compliance with the financial covenants of its term loan and credit lines.

Note 6. Convertible Debentures and Preferred Stock

In July 2011, the Company filed a certificate of designation with the Delaware Secretary of State designating 10,000 shares of its preferred stock as Series C Preferred stock. On April 5, 2012, the Company filed an amendment to the certificate of designation authorizing an additional 10,000 shares of Series C Preferred stock. The terms of the Series C Preferred stock are substantially the same as Series A and B Preferred stock with the exception of the conversion price and the date of conversion as June 30, 2014.

The conversion price will be the closing price of the Company’s common stock on the trading date preceding the issuance of that share of Series C Preferred stock, subject to adjustment for stock dividends, stock splits and reorganizations. If the common stock is not quoted on any market or exchange, the conversion price will be determined by the Board of Directors on the date of issuance.

The Series C Preferred stock ranks senior to the common stock and pari-passu with the Series A and Series B Preferred stock of the Company as to dividends and distribution of assets upon the liquidation, dissolution or winding up of the Company.

During 2011, the Company issued 7,850 shares of its Series C Preferred stock to Banyan Rail Holdings LLC (formerly known as Patriot Rail Services Inc.). The preferred shares were issued for $100 per share, or $785,000 in the aggregate at a conversion price ranging from $1.10 to $2.06 per share of common stock. The proceeds received in 2011 were used to fund working capital requirements.

During the six months ended June 30, 2012, the Company issued 2,150 shares of its Series C Preferred stock to a significant shareholder and board member. The Preferred shares were issued for $100 per share, or $215,000 in the aggregate at a conversion price of $2.50 per share of common stock. In addition, the Company issued 4,000 shares of its Series C Preferred stock to Banyan Rail Holdings. The Preferred shares were issued for $100 per share, or $400,000 in the aggregate at a conversion price between $2.40 and $2.50 per share of common stock.

As of June 30, 2012, Banyan Rail Holdings owned 3,000, 10,000, 11,850 and 686,283 shares of Series A Preferred, Series B Preferred, Series C Preferred and common stock, respectively. If converted Banyan Rail Holdings would own 1,875,981 shares of common stock.

Note 7. Income Taxes

The provision for income taxes consists of the following components:

	Six months ended June 30,
	2012		2011
Current	$	-	$	-
Deferred		78,580		-
	$	78,580	$	-

The components of deferred income tax assets and liabilities are as follows:

	June 30,			December 31,
	2012			2011

Long-term deferred tax assets:
Stock compensation benefit	$	216,993		$	216,024
Net operating loss carryforward		1,672,090			1,584,490
Total long-term deferred tax assets		1,889,083			1,800,514
Valuation allowance		(490,790	)		(255,689	)
		1,398,293			1,544,825
Long-term deferred tax liabilities:
Intangible assets		(430,396	)		(467,818	)
Property and equipment		(476,895	)		(507,425	)
Total long-term deferred tax liabilities		(907,291	)		(975,243	)

Net deferred tax assets	$	491,002		$	569,582

Our Federal net operating loss (“NOL”) carryforward balance as of June 30, 2012 was $4,844,653, expiring between 2012 and 2032. A schedule of the NOLs is as follows:

Tax Year	Net operating loss

1997		66,707
1998		184,360
1999		187,920
2000		25,095
2001		104,154
2002		15,076
2003		96,977
2004		78,293
2005		70,824
2006		48,526
2007		180,521
2008		534,087
2009		1,444,831
2010		842,251
2011		694,896
Current year taxable loss		270,135
	$	4,844,653

The Company's net deferred tax assets before valuation allowance as of June 30, 2012 was $981,792, most of which relates to net operating losses that expire from 2012 to 2032. The Company recorded an operating loss for the quarter and has a recent history of operating losses. After assessing the realization of the net deferred tax assets, we have recorded a valuation allowance of 50% of the value of the net deferred tax assets as we believe it more likely than not that the Company will not realize operating profits and taxable income so as to utilize all of the net operating losses in the future.

The Company is subject to income taxes in the U.S. federal jurisdiction and a number of state jurisdictions. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for the years before 2007.

Note 8. Earnings per Share

The Company excluded from the diluted earnings per share calculation 2,125,697 and 1,444,444 shares issuable upon conversion of shares of convertible preferred stock that were outstanding at June 30, 2012 and 2011, as their inclusion would be anti-dilutive. In addition, the Company excluded 61,000 stock options as of June 30, 2012 as their inclusion would be anti-dilutive.

Note 9. Stock-Based Compensation

The Company has stock option agreements with its directors and officers for serving on the Company’s Board of Directors and as officers. The options activity is as follows:

				Weighted Average		Weighted Average		Weighted Average
	Number			Exercise Price		Fair Value at		Remaining		Intrinsic
	of Shares			per Share		Grant Date		Contractual Life		Value
Balance January 1, 2011		253,000			3.08				2.2 Years		-
Options granted		25,000			2.06	$	13,500		4.0 Years		-
Options exercised		-			0.00						-
Options expired		(50,000	)		3.18				-		-
Balance, January 1, 2012		228,000		$	2.92				2.5 years	$	-
Options granted		-			-	$	0				-
Options exercised		-			-						-
Options expired		-			-				-		-
Balance, June 30, 2012		228,000		$	2.92				2.5 years	$	-

Prior to June 30, 2010 the Company had not adopted a formal stock option plan. The number of options issued and the grant dates were determined at the discretion of the Company’s Board. Certain options vest at the date of grant and others vest over a one year period. The options are exercisable for periods not exceeding three to five years from the date of grant. On July 1, 2010 at its annual meeting of stockholders, the 2010 Stock Option and Award Plan was approved.

The fair values of stock options are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk free interest rate. The risk free interest rate is the five year treasury rate at the date of grant. The expected life is based on the contractual life of the options at the date of grant. With a change in management in 2008, it was determined that the Company would seek acquisitions in railroad related businesses. Accordingly, the 2011 expected volatility rate was estimated using the average volatility rates of public companies in the railroad industry. The Company uses an estimated forfeiture rate of 0% due to limited experience with historical forfeitures.

The assumptions used in the option-pricing models were as follows:

	2011
Risk free interest rate		1.51	%
Expected life (years)		5
Expected volatility		26	%
Dividend yield		0

Note 10. Major Customers

Revenue for the three and six months ended June 30, 2012 and 2011, and accounts receivable from customers as of June 30, 2012 and 2011 representing over 10% of revenue were as follows:

	Three months ended June 30,						Six months ended June 30,						June 30,
	2012			2011			2012			2011			2012			2011
	Revenue			Revenue			Revenue			Revenue			Accounts Receivable
Company A		9.4	%		10.8	%		9.3	%		11.0	%		19.9	%		8.6	%
Company B		17.4	%		11.2	%		14.2	%		0.0	%		6.0	%		11.6	%
Company C		11.3	%		19.4	%		10.3	%		19.4	%		1.8	%		20.5	%
Company D		30.2	%		49.2	%		29.0	%		48.1	%		36.4	%		33.3	%
Company E		13.1	%		0.0	%		9.0	%		0.0	%		13.6	%		0.0	%

Note 11. Business Interruption Insurance

In September 2011, the Company had a mechanical breakdown at its railroad tie fuel processing center, whereby its normal operations were interrupted. The Company is insured for such matters. Amounts claimed for 2011 have been collected and the Company has recorded $190,000 of estimated business interruption insurance recoveries for the three and six months ending June 30, 2012, which is expected to be collected upon finalization of the claim. The Company has accounted for the recoveries of business interruption losses in accordance with Accounting Standard Codification 225, and has recorded the accrual in revenues on the Company’s statement of operations and in accounts receivables on the Company’s balance sheet, respectively.

Note 12. Related Party Transactions

The Company leases office space and receives office services from Patriot Rail Corp. (“Patriot Rail”). When the Company entered into the lease several of our officers and directors were also officers and significant stockholders of Patriot Rail. However, in June 2012 Patriot Rail was sold to a third party and is no longer affiliated with the Company. In July 2011 the lease cost increased from $5,000 per month to $6,000 per month to include additional support services. The costs are included in General and Administrative expenses in the statement of operations, and were: $36,000 and $30,000 for the six months ended June 30, 2012 and 2011, respectively.

The Company’s directors, chief executive officer and president are currently not receiving cash compensation for their services, and no amounts have been recorded in the Company’s financial statements for the cash value of their services.

The Company’s board of directors, officers, and officers of its subsidiary directly or beneficially own 31,000 shares of the Company’s preferred stock and 1,384,409 shares of common stock as of June 30, 2012 or 2,999,107 shares, if the preferred stock is converted.

In September 2009, the Company entered into two 5-year employment agreements and one month-to-month consulting agreement with individuals who are shareholders and/or officers. The aggregate expense under these agreements for the periods ending June 30, 2012 and 2011 were approximately $14,000 and $97,500, respectively. In October 2011, the Company renegotiated the 5-year employment contract of one of the shareholders whereby the old agreement was terminated, and the Company and the employee entered into a new at-will employee agreement. On January 25, 2012, the Company accepted the resignation of one of the individuals under these agreements.

During the year ended December 31, 2011, the Company entered into a lease with Louisiana and Northwest Railroad Company, Inc., a subsidiary of Patriot Rail Corp., for a new facility in Gibsland, La., which commenced in January 2012. This facility replaced the Company’s facility in Shreveport, La. The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars annually to the leased facility at a rate of approximately $300 per car. As of June 30, 2012, the Company has paid approximately $130,000 for rent and the commitment. In June 2012 Patriot Rail and Louisiana and Northwest Railroad Company, Inc. were sold to a third party and are no longer affiliated with the Company.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cautionary Statement Concerning Forward-Looking Statements

We and our representatives may from time to time make written or oral statements that are "forward-looking," including statements contained in this Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission, reports to our stockholders and news releases. All statements that express expectations, estimates, forecasts or projections are forward-looking statements within the meaning of the Section 21E of the Securities Exchange Act. In addition, other written or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," "may," "should," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. These risks may relate to, without limitation:

generating adequate revenue to service our debt and meet our bank loan financial covenants;

changes in our relationships with employees or with our customers;

the impact of current or future laws and government regulations affecting the disposal of rail ties and our operations;

changing external competitive, business, weather or economic conditions;

successfully operating Wood Energy;

the market opportunity for our services, including expected demand for our services; and

any of our other plans, objectives, expectations and intentions contained in this report that are not historical facts.

Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. We undertake no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof. Readers should carefully review the factors described herein and in other documents we file from time to time with the Securities and Exchange Commission, including our Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and any Current Reports on Form 8-K filed by us.

Overview

In September 2009, we acquired The Wood Energy Group, Inc., a Missouri corporation engaged in the business of railroad tie reclamation and disposal. Prior to acquiring Wood Energy, Banyan was a shell company without significant operations or sources of revenues other than its investments.

Wood Energy, headquartered in Boca Raton, Florida, is one of the nation’s largest railroad tie reclamation and disposal companies. Founded in 2001, we provide railroad tie pickup, reclamation and disposal services to the Class 1 railroads (defined by the American Association of Railroads as a railway company with annual operating revenue over $378.8 million as of 2010) and industrial customers. We operate primarily in the southern region of the United States of America. Our services include removing scrap railroad ties (ties), disposing of the ties by selling them to the landscape and relay tie markets or having the ties ground to create chipped wood for subsequent sale as fuel to the co-generation markets. In 2011, we removed approximately 1.6 million railroad ties and disposed of approximately 840,000 railroad ties, 64% of which were used by the co-generation market and 36% for the landscape and relay markets. The remaining approximately 760,000 ties are scheduled for disposal in 2012.

Recent Events

Series C Preferred Stock Authorization and Issuances

In April 2012, the Company filed a certificate of designation with the Delaware Secretary of State designating an additional 10,000 shares of its preferred stock as Series C Preferred stock.

In April 2012, the Company issued 4,000 shares of its series C Preferred shares to Banyan Rail Holdings. The preferred shares were issued for $100 per share, or $400,000 in the aggregate at a conversion price between $2.50 and $2.40 per share of common stock. The proceeds of the money received were used to fund working capital requirements.

Business Interruption Insurance

In September 2011, the Company had a mechanical breakdown at its railroad tie fuel processing center, whereby its normal operations were interrupted. The Company is insured for such matters and has recorded $190,000 of estimated business interruption insurance recoveries for the three and six months ending June 30, 2012. The Company has accounted for the recoveries of business interruption losses in accordance with ASC 225, and has recorded the accrual in revenues on the income statement and in accounts receivable on the balance sheet, respectively.

Critical Accounting Policies and Estimates

The following discussion and analysis of our results of operations and financial condition is based upon our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosure of contingent assets and liabilities, if any, at the date of the financial statements. We base our estimates on historical experience and various other assumptions that we believe to be reasonable under the circumstances. If these estimates differ materially from actual results, the impact on our condensed consolidated financial statements may be material.

We review our financial reporting and disclosure practices and accounting policies quarterly to ensure that they provide accurate and transparent information relative to the current economic and business environment. During the quarter ended June 30, 2012, there were no significant changes to the critical accounting policies.

Revenue Recognition

The Company utilizes the completed contract method of accounting for the majority of its revenue recognition. The Company recognizes revenue for the pick-up and disposal of used railroad ties upon the completion of the scope of work required under its contracts, which is when the Company considers amounts to be earned (evidence of an arrangement has been obtained, services are delivered, fees are fixed or determinable and collectability is reasonably assured). Accordingly, monies received on invoices for services for which contracts have not been completed have been recorded as deferred revenue. Direct costs, including but not limited to payroll, fuel, equipment rental, transportation expense and strapping costs for contracts which have not been completed are also deferred until the related revenue recognition process is complete.

The Company also receives revenue from the processing of railroad ties into saleable ground fuel and the sale of certain railroad ties to landscapers, railroad tie users (relay) and other railroad tie processors. These revenues are recorded when the ties or derivative materials are delivered to the customer.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment, the useful lives of intangible assets and accounting for the business combination.

Cash and Cash Equivalents

The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Trade accounts receivable are recorded net of an allowance for doubtful accounts. An allowance is estimated from historical performance and current market conditions and economic conditions. Uncollectible accounts are charged to operations if write offs are deemed necessary. As of June 30, 2012 and 2011 no allowance is provided as all accounts receivable are deemed collectible.

Under the completed contract method of revenue recognition the Company has recorded progress payments received for uncompleted contracts as deferred revenue in the amounts of $2,964,612 and $2,050,163 at June 30, 2012 and December 31, 2011, respectively. Amounts that had not been billed and were not billable to customers at the balance sheet dates are $989,145 and $723,546 as of June 30, 2012 and December 31, 2011, respectively. These amounts represent unbilled future amounts due under existing contracts to be recognized as revenue upon the removal of all of each contract's ties from the customer’s premises.

Property and Equipment

	Years
Machinery and equipment	3-7
Track on leased properties	4

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Valuation of Long-Lived Assets

Fair Value of Financial Instruments

Recorded financial instruments consist of cash, accounts receivable, accounts payable, short-term and long-term debt obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company.

Earnings Per Share

Basic earnings per share is computed based on the weighted average number of shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and preferred stock common stock equivalents.

Goodwill

Goodwill is not amortized but rather is tested at least annually for impairment. The Company assesses impairment by comparing the fair value of the goodwill with its carrying value. The determination of fair value involves significant management judgment. Impairments are expensed when incurred. For goodwill, a two-step impairment model is used. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than the carrying amount, goodwill would be considered impaired. The second step measures the goodwill impairment as the excess of recorded goodwill over the asset’s implied fair value. Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives. During the three and six months ended June 30, 2012 and 2011, there were no impairments of goodwill.

Income Taxes

Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.

Retained Earnings Distributions

The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company and we cannot pay dividends on our common stock unless we first pay dividends required by our preferred stock.

Results from Operations

The following table summarizes our results for the three and six months ended June 30, 2012 and 2011:

	Three months ended June 30,						Variance						Six months ended June 30,						Variance
	2012			2011			$			%			2012			2011			$			%

Revenues	$	973,506		$	1,598,428			(624,922	)		-39.1	%	$	1,652,693		$	2,908,316			(1,255,623	)		-43.2	%
Cost of sales		764,798			1,183,128			418,330			35.4	%		1,074,017			2,166,841			1,092,824			50.4	%
Gross profit		208,708			415,300			(206,592	)		-49.7	%		578,676			741,475			(162,799	)		-22.0	%
General & administrative expenses		400,864			567,320			166,456			29.3	%		859,243			1,073,381			214,138			19.9	%
Loss from operations		(192,156	)		(152,020	)		40,136			-26.4	%		(280,567	)		(331,906	)		(51,339	)		15.5	%
Interest expense		106,356			81,261			(25,095	)		-30.9	%		188,413			156,206			(32,207	)		-20.6	%
Loss before income taxes		(298,512	)		(233,281	)		(65,231	)		28.0	%		(468,980	)		(488,112	)		19,132			-3.9	%
Income tax provision		78,580			-			(78,580	)		100.0	%		78,580			-			(78,580	)		100.0	%
Net loss	$	(377,092	)	$	(233,281	)	$	(143,811	)		61.6	%	$	(547,560	)	$	(488,112	)	$	(59,448	)		12.2	%

Revenues

Revenues include the pickup and disposal of scrap railroad ties for major Class I railroads, the sale of ties into the landscape and relay tie markets and both ground and whole ties into the biomass fuel markets.

Revenues decreased for the three months ended June 30, 2012 as compared to the comparable 2011 period primarily due to decreased revenue from tie pickup of approximately $384,000 (due to a decrease in the number of projects closing during the period), a decrease in tie sales of approximately $49,000, and a decrease of approximately $201,000 in fuel sales due to the lingering effects of the mechanical and fire events at our fuel processing facility in September 2011.

Revenues decreased for the six months ended June 30, 2012 as compared to the comparable 2011 period primarily due to decreased revenue from tie pickup of approximately $834,000, a decrease in tie sales of approximately $206,000, and a decrease of $413,000 in fuel sales due to the mechanical and fire events at our fuel processing facility. The decrease is partially offset by $190,000 of business interruption insurance.

The Company believes the majority of the current deferred revenue for uncompleted tie pickup will be recognized as revenue in the third quarter of 2012.

Gross profit

Gross profit was 21% and 35% for the three and six months ended June 30, 2012, compared to a gross profit of 26% and 25% for the comparable period 2011 period.

The primary reasons for the decrease in gross profit for the three months ended June 30, 2012 compared to the comparable 2011 period is an increase of 31% in margin from fuel sales offset by a decrease in margin of approximately 28% on tie pickup. The Company believes the margins on tie pickup will increase as the Company begins to reduce the amount of time required to complete projects.

The primary reasons for the increase in gross profit for the six months ended June 30, 2012 compared to the comparable 2011 period is an increase of 82% in margin from fuel sales offset by a decrease in margin of approximately 32% on tie pickup. The increase in fuel margins is due to the business interruption insurance claim recorded in the six months ended June 30, 2012.

The Company expects the margins related to fuel sales to stabilize in the third and fourth quarters of 2012, as the equipment damaged by the mechanical breakdown and the equipment that was destroyed in the September 2011 fire comes back on line or is replaced. The Company is fully insured for this equipment.

General and administrative expenses

General and administrative expenses include: compensation, professional fees and costs related to being a public company, amortization of identifiable intangible assets and other costs.

The table below summarizes the general and administrative expenses:

	Three months ended June 30,										Six months ended June 30,
					Variance										Variance
	2012		2011		$			%			2012		2011		$			%
Compensation costs	$	130,199	$	284,408	$	(154,209	)		-54.2	%	$	289,274	$	508,173	$	(218,899	)		-43.1	%
Professional fees and other public company costs		40,010		49,458		(9,448	)		-19.1	%		117,366		133,682		(16,316	)		-12.2	%
Amortization of intangible assets		37,991		65,633		(27,642	)		-42.1	%		75,982		131,266		(55,284	)		-42.1	%
Insurance costs		92,273		112,915		(20,642	)		-18.3	%		185,767		187,591		(1,824	)		-1.0	%
Other costs		100,391		54,906		45,485			82.8	%		190,854		112,669		78,185			69.4	%
Consolidated general and administrative	$	400,864	$	567,320	$	(166,456	)		-29.3	%	$	859,243	$	1,073,381	$	(214,138	)		-19.9	%

For the three and six months ended June 30, 2012, costs decreased $166,456 or 29.3% and $214,138 or 19.9%, respectively, compared to the three and six months ended June 30, 2011.

The overall decrease in general and administrative costs is primarily due to:

The cost of staffing decreased due to the restructuring of the employment agreement of one employee at a lower cost to the Company and the resignation of the former President of Wood Energy.

A decrease in professional fees and other public company costs primarily due to non-recurring audit and accounting fees in conjunction with work performed to incorporate Wood Energy into our public filings during the three and six months ended June 30, 2011.

A decrease in amortization related to the non-compete agreements entered into at the date of purchase of Wood Energy.

A decrease in insurance costs due higher workers compensation costs in the prior year.

An increase in rental expense and travel costs related to the management of Wood Energy.

Interest expense

Net interest expense for the three and six months ended June 30, 2012 was $106,356 and $188,413, compared to net interest expense for the three and six months ended June 30, 2011 of $81,261 and $156,206, respectively.

The increase in net interest expense for the three and six months ended June 30, 2012 as compared to the comparable 2011 period is due primarily to the increased borrowings of the Company.

Income tax expense

A valuation allowance offsets net deferred tax assets for which future realization is considered to be less likely than not. A valuation allowance is evaluated by considering all positive and negative evidence about whether the deferred tax assets will be realized. At the time of evaluation, the allowance can be either increased or reduced. A reduction could result in the complete elimination of the allowance, if positive evidence indicates that the value of the deferred tax assets is no longer impaired and the allowance is no longer required.

Net Loss

Net loss attributable to common stockholders was $(0.12) and $(0.18) per share for the three and six months ended June 30, 2012 as compared to $(0.08) and $(0.16) per share for the comparable 2011 period. The variance for both periods was primarily due to the deferred tax expense charge $(0.03) taken during the quarter ended June 30, 2012 for the additional valuation allowance on our net deferred tax assets.

Financial Condition and Liquidity

Our cash and cash equivalents consist of cash. Our cash and cash equivalents balance at June 30, 2012 and 2011 was $19,061 and $152,103, respectively.

The following is a summary of our cash flow activity:

	Six months ended June 30,
	2012			2011
Net cash (used in) provided by operating activities	$	(907,465	)	$	445,623
Net cash used in investing activities	$	(819,357	)	$	(422,692	)
Net cash provided by financing activities	$	1,431,650		$	67,203

Net cash provided by (used) in operating activities

For the six months ended June 30, 2012, cash used by operating activities was $907,465. The primary use of cash was an increase in accounts receivable of $607,875 and an increase in prepaid and other assets (primarily inventory) of $236,738.

For the six months ended June 30, 2011, cash provided by operating activities was $445,623. The primary source of cash was a decrease in accounts receivable providing $245,085 and funds received in advance of contract completions (deferred revenue) which exceeded cash expended for deferred costs for the period.

Net cash used in investing activities

During the six months ended June 30, 2012, the Company purchased $819,357 of equipment primarily for the processing of ties at its new Louisiana grinding facility. For the six months ended June 30, 2011, the Company purchased $500,692 of equipment for its grinding facility and for its tie pickup operations.

Net cash provided by financing activities

On May 11, 2012, the Company completed a refinancing of its existing debt into one $3.0 million term note that matures on June 1, 2017. The new term note has principle payments of $50,000 per month plus interest. The note bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012). The note is secured by certain of the Company's assets.

On May 11, 2012, the Company completed the financing of a new $1.0 million line of credit working capital and a $500,000 line of credit for capital expenditures. The working capital line will mature on June 1, 2017 and the capital expenditure line will mature on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. Both loans bear interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and are secured by certain of the Company’s assets.

As of June 30, 2012, the Company was in compliance with the financial covenants included in the modification and extension of its term loan and credit lines.

As of June 30, 2012, $240,213 was available under the working capital credit line.

At June 30, 2012, the Company had a net working capital deficiency of approximately $352,068. The Company recognizes that the timing of the realization of its receivables from customers, the completion of its contracts and its vendor and debt obligations payments may not allow the Company to generate positive cash flow in the near future.

Deferred revenue as of June 30, 2012, is $2,964,612 which we will recognize as revenue as each of the projects is completed. The deferred costs incurred related to the fulfillment of uncompleted jobs are $3,326,914. As of December 31, 2011 deferred revenue was $2,050,163 and the deferred costs related to the fulfillment of uncompleted jobs were $2,189,610. An increase in the simultaneous number of projects and the increased volume and length of time of the projects has increased our cash cycle time and thus our operating cash requirements with our largest customer, a Class 1 railroad. Due to the impact on the Company, we initiated and agreed to a change order to our service agreement, which reduced the retainage withheld on the progress payments received by the Company from 50% to 25% beginning with 2011 projects.

The Company anticipates the majority of the current deferred revenue will be recognized as revenue and the retainage will be collected during 2012.

In March 2012, the Company issued 2,150 shares of its Series C Preferred stock to a significant shareholder and board member. The preferred shares were issued for $100 per share, or $215,000 in the aggregate at a conversion price of $2.50 per share of common stock. The proceeds were used to fund working capital requirements.

In April 2012, the Company issued 4,000 shares of its series C Preferred shares to Banyan Rail Holdings. The preferred shares were issued for $100 per share, or $400,000 in the aggregate at a conversion price between $2.50 and $2.40 per share of common stock. The proceeds received were used to fund working capital requirements.

Based on our 2012 annual operating plan and the above noted bank credit facility modification and extension, the Company anticipates it will meet future financial covenants and therefore has retained the long-term classification of the debt in the accompanying Consolidated Financial Statements.

Off-Balance Sheet Arrangements

We do not have any material off-balance sheet arrangements.

How to Learn More about Banyan

We file annual, quarterly and current reports and other information with the SEC. Our SEC filings are available to the public on the internet at the SEC’s web site at SEC.gov. To learn more about Banyan you can also contact our CEO, Gary O. Marino, at 561-997-7775.

Item 4.

Controls and Procedures

Under the direction of our chief executive officer and chief financial officer, management evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15(e)). Based on this evaluation, our chief executive officer and chief financial officer each concluded that our disclosure controls and procedures were effective as of June 30, 2012. Further, there have been no changes in our internal control over financial reporting during the quarter ended June 30, 2012 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)).

Part II — Other Information

Item 1.

Legal Proceedings

We are not aware of any pending legal proceedings involving Banyan or Wood Energy other than litigation arising in the ordinary course of business. We believe the outcome of the litigation will not have a material adverse effect on our financial condition, cash flows or results of operations.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

From January through July 2012, the Company issued 6,150 shares of its Series C Preferred stock to a significant shareholder (2,150 shares at a conversion price of $2.50 per share) and Banyan Rail Holdings (4,000 shares at a conversion price between $2.50 and $2.40 per share), respectively for $100 per share, resulting in proceeds of $615,000. On June 30, 2014 (or sooner upon the occurrence of certain events), the Series C Preferred stock will be convertible into our common stock at a conversion prices between $2.40 and $2.50 per share of common stock. The proceeds of the money received from the sale of the Series C Preferred stock were used to fund working capital requirements. The issuances of the preferred shares were made in reliance on Section 4(2) of the Securities Act of 1933 for the offer and sale of securities not involving a public offering and Rule 506 of Regulation D of the Securities Act.

Item 3.

Defaults Upon Senior Securities

Not applicable.

Item 5.

Other Information

For information regarding significant events of the second quarter, please turn to “Recent Events” on page 19.

Item 6.

Exhibits

31.1

Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer Pursuant to § 302 of the Sarbanes-Oxley Act of 2002

31.2

Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer Pursuant to § 302 of the Sarbanes-Oxley Act of 2002

31.3

Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer Pursuant to § 302 of the Sarbanes-Oxley Act of 2002

Rule 13a-14(b)/15d-14(b) Certification Pursuant to § 906 of the Sarbanes-Oxley Act of 2002

Signatures

In accordance with the requirements of the Securities Exchange Act of 1934, Banyan Rail Services Inc. has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	Banyan Rail Services Inc.

Date: August 14, 2012	/s/Jon Ryan
	Jon Ryan,
	Chief Financial Officer
	(Principal Financial and Accounting Officer)

EX-31.1 2 v318515_ex31-1.htm EXHIBIT 31.1

Rule 13a-14(a)/15d-14(a) Certification of

Exhibit 31.1

Principal Executive Officer Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Gary O. Marino, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Banyan Rail Services Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012

	/s/ Gary O. Marino
	Gary O. Marino
	Chairman and Chief Executive Officer
	(Principal Executive Officer)

EX-31.2 3 v318515_ex31-2.htm EXHIBIT 31.2

Rule 13a-14(a)/15d-14(a) Certification of

Exhibit 31.2

Principal Executive Officer Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Donald Redfearn, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Banyan Rail Services Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012

	/s/ Donald Redfearn
	Donald Redfearn
	President

EX-31.3 4 v318515_ex31-3.htm EXHIBIT 31.3

Rule 13a-14(a)/15d-14(a) Certification of

Exhibit 31.3

Principal Financial Officer Pursuant to Section 302

of the Sarbanes-Oxley Act of 2002

I, Jon Ryan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Banyan Rail Services Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2012	/s/ Jon Ryan
	Jon Ryan
	Chief Financial Officer
	(Principal Financial Officer)

EX-32 5 v318515_ex32.htm EXHIBIT 32

Exhibit 32

Certification Pursuant to 18. U.S.C. Section 1350,

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the quarterly report of Banyan Rail Services Inc. (the “Company”) on Form 10-Q for the period ending June 30, 2012(the “Report”) filed with the Securities and Exchange Commission on the date hereof, I, Gary O. Marino, Chairman and Chief Executive Officer of the Company, and I, Jon Ryan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of § 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Gary O. Marino
Gary O. Marino
Chairman and Chief Executive Officer

/s/ Jon Ryan
Jon Ryan
Chief Financial Officer

August 14, 2012

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BARA BANYAN RAIL SERVICES INC. false Smaller Reporting Company Q2 2012 10-Q 2012-06-30 0000764897 --12-31

0.0151

-280567

<div style="FONT: 10pt Times New Roman, Times, Serif"> Revenue Recognition   The Company recognizes revenue for the pick-up and disposal of used railroad ties upon the completion of the scope of work required under its contracts, which is when the Company considers amounts to be earned (evidence of an arrangement has been obtained, services are delivered, fees are fixed and determinable and collectability is reasonably assured). Accordingly, monies received or progress invoices for services for which contracts have not been completed have been recorded as deferred revenue on the balance sheet. Direct costs, including but not limited to payroll, fuel, equipment rental, transportation expense and strapping costs for contracts which have not been completed are also deferred until the related revenue process is complete.   The Company receives revenue from the processing of railroad ties into scrap tie fuel and the sale of certain scrap ties to landscapers, railroad tie users (relay) and other railroad tie processors. These revenues are recorded when the ties or derivative materials are delivered to the customer. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Inventory   Inventory includes the costs of material, labor and direct overhead and is stated at the lower of cost or market. Inventory is accumulated to service the landscape tie and scrap tie fuel markets. Inventory at June 30, 2012 and December 31, 2011 was approximately $307,000 and $35,000, respectively and was included in prepaid and other current assets on the balance sheets. </div>

2425487

2768

<div style="FONT: 10pt Times New Roman, Times, Serif"> Property and Equipment   Property and equipment owned and under capital leases are carried at cost. Depreciation of property and equipment is provided using the straight line method for financial reporting purposes at rates based on the following estimated useful lives:   <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; WIDTH: 81%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 19%">  Years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Machinery and equipment</td> <td style="TEXT-ALIGN: center">  3-7</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Track on leased properties</td> <td style="TEXT-ALIGN: center"> 4</td> </tr> </table>   Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. </div>

0.00

<div style="FONT: 10pt Times New Roman, Times, Serif"> Cash and Cash Equivalents   The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents. </div>

952878

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 8. Earnings per Share   The Company excluded from the diluted earnings per share calculation 2,125,697 and 1,444,444 shares issuable upon conversion of shares of convertible preferred stock that were outstanding at June 30, 2012 and 2011, as their inclusion would be anti-dilutive. In addition, the Company excluded 61,000 stock options as of June 30, 2012 as their inclusion would be anti-dilutive. </div>

2768

175697

<div style="FONT: 10pt Times New Roman, Times, Serif"> The components of deferred income tax assets and liabilities are as follows:   <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-DECORATION: underline">Long-term deferred tax assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%">Stock compensation benefit</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">216,993</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">216,024</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Net operating loss carryforward</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,672,090</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,584,490</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Total long-term deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,889,083</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800,514</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (490,790</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (255,689</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,398,293</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,544,825</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-DECORATION: underline">Long-term deferred tax liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Intangible assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(430,396</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(467,818</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Property and equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (476,895</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (507,425</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Total long-term deferred tax liabilities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (907,291</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (975,243</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Net deferred tax assets</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 491,002</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 569,582</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div>

-547560

-0.18

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 10. Major Customers   Revenue for the three and six months ended June 30, 2012 and 2011, and accounts receivable from customers as of June 30, 2012 and 2011 representing over 10% of revenue were as follows:   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">Three months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Six months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Accounts Receivable</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 22%">Company A</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">9.4</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">10.8</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">9.3</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">11.0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">19.9</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">8.6</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company B</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.6</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company C</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.3</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10.3</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.8</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">20.5</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company D</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">29.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">48.1</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">36.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">33.3</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company E</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13.1</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13.6</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 2.  Basis of Presentation   We have prepared the accompanying unaudited condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and Regulation S-X. In the opinion of management, these condensed consolidated financial statements give effect to all normal recurring adjustments necessary to present fairly the financial position and results of operations and cash flows of the Company and Wood Energy, its wholly owned subsidiary, for the periods presented.   All significant intercompany transactions and accounts have been eliminated in consolidation.   Although we believe that the disclosures included in our condensed consolidated financial statements are adequate to make the information presented not misleading, certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been omitted. Accordingly, the accompanying condensed consolidated financial statements should be read in conjunction with the Company’s latest annual report on Form 10-K for the year ended December 31, 2011 filed with the SEC.   The results of operations for the six months ended June 30, 2012 are not necessarily indicative of the results to be expected for the full 2012 year. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 12. Related Party Transactions   The Company leases office space and receives office services from Patriot Rail Corp. (“Patriot Rail”). When the Company entered into the lease several of our officers and directors were also officers and significant stockholders of Patriot Rail. However, in June 2012 Patriot Rail was sold to a third party and is no longer affiliated with the Company. In July 2011 the lease cost increased from $5,000 per month to $6,000 per month to include additional support services. The costs are included in General and Administrative expenses in the statement of operations, and were: $36,000 and $30,000 for the six months ended June 30, 2012 and 2011, respectively.   The Company’s directors, chief executive officer and president are currently not receiving cash compensation for their services, and no amounts have been recorded in the Company’s financial statements for the cash value of their services.   The Company’s board of directors, officers, and officers of its subsidiary directly or beneficially own 31,000 shares of the Company’s preferred stock and 1,384,409 shares of common stock as of June 30, 2012 or 2,999,107 shares, if the preferred stock is converted.   In September 2009, the Company entered into two 5-year employment agreements and one month-to-month consulting agreement with individuals who are shareholders and/or officers. The aggregate expense under these agreements for the periods ending June 30, 2012 and 2011 were approximately $14,000 and $97,500, respectively. In October 2011, the Company renegotiated the 5-year employment contract of one of the shareholders whereby the old agreement was terminated, and the Company and the employee entered into a new at-will employee agreement. On January 25, 2012, the Company accepted the resignation of one of the individuals under these agreements.   During the year ended December 31, 2011, the Company entered into a lease with Louisiana and Northwest Railroad Company, Inc., a subsidiary of Patriot Rail Corp., for a new facility in Gibsland, La., which commenced in January 2012. This facility replaced the Company’s facility in Shreveport, La. The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars annually to the leased facility at a rate of approximately $300 per car. As of June 30, 2012, the Company has paid approximately $130,000 for rent and the commitment. In June 2012 Patriot Rail and Louisiana and Northwest Railroad Company, Inc. were sold to a third party and are no longer affiliated with the Company. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> The provision for income taxes consists of the following components:   <table style="WIDTH: 45%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Six months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Current</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; WIDTH: 70%">Deferred</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 12%"> 78,580</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%">  </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 12%"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%">  </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; COLOR: red">  </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78,580</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div>

P5Y

-907465

-819357

<div style="FONT: 10pt Times New Roman, Times, Serif"> Depreciation of property and equipment is provided using the straight line method for financial reporting purposes at rates based on the following estimated useful lives:   <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; WIDTH: 81%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 19%">  Years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Machinery and equipment</td> <td style="TEXT-ALIGN: center">  3-7</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Track on leased properties</td> <td style="TEXT-ALIGN: center"> 4</td> </tr> </table> </div>

274655

<div style="FONT: 10pt Times New Roman, Times, Serif"> A schedule of the NOLs is as follows:   <table style="WIDTH: 35%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" nowrap="nowrap">Tax Year</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Net operating loss</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 70%">1997</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 27%">66,707</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">1998</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,360</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">1999</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">187,920</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2000</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,095</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2001</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">104,154</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2002</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">15,076</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2003</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">96,977</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2004</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">78,293</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2005</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,824</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2006</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">48,526</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2007</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">180,521</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2008</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">534,087</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2009</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,444,831</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">842,251</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2011</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">694,896</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">Current year taxable loss</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 270,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,844,653</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> </div>

914449

892231

30938

819357

-295172

859243

3430000

20136

<div style="FONT: 10pt Times New Roman, Times, Serif"> Accounts Receivable   Trade accounts receivable are recorded net of an allowance for doubtful accounts. An allowance is estimated from historical performance and current market and economic conditions. Uncollectible accounts are charged to operations if write offs are deemed necessary. As of June 30, 2012 and December 31, 2011 no allowance has been provided as all accounts receivable are deemed collectible.   Under the completed contract method of revenue recognition the Company has recorded progress payments received for uncompleted contracts as deferred revenue in the amounts of $2,964,612 and $2,050,163 as of June 30, 2012 and December 31, 2011, respectively. These amounts represent billed amounts under existing contracts to be recognized as revenue upon the removal of all of each contract’s ties from the customer’s premises. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> The options activity is as follows:   <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">  </td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Number</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Exercise Price</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value at</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Remaining</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Intrinsic</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">of Shares</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">per Share</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Grant Date</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Contractual Life</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Value</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 35%">Balance January 1, 2011</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">253,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">3.08</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">2.2 Years</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.06</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">13,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.0 Years</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.00</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Options expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (50,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3.18</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Balance, January 1, 2012</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">228,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2.92</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.5 years</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Options expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Balance, June 30, 2012</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 228,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2.92</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">2.5 years</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div>

607875

-468980

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 6. Convertible Debentures and Preferred Stock   In July 2011, the Company filed a certificate of designation with the Delaware Secretary of State designating 10,000 shares of its preferred stock as Series C Preferred stock. On April 5, 2012, the Company filed an amendment to the certificate of designation authorizing an additional 10,000 shares of Series C Preferred stock. The terms of the Series C Preferred stock are substantially the same as Series A and B Preferred stock with the exception of the conversion price and the date of conversion as June 30, 2014.   The conversion price will be the closing price of the Company’s common stock on the trading date preceding the issuance of that share of Series C Preferred stock, subject to adjustment for stock dividends, stock splits and reorganizations. If the common stock is not quoted on any market or exchange, the conversion price will be determined by the Board of Directors on the date of issuance.   The Series C Preferred stock ranks senior to the common stock and pari-passu with the Series A and Series B Preferred stock of the Company as to dividends and distribution of assets upon the liquidation, dissolution or winding up of the Company.   During 2011, the Company issued 7,850 shares of its Series C Preferred stock to Banyan Rail Holdings LLC (formerly known as Patriot Rail Services Inc.). The preferred shares were issued for $100 per share, or $785,000 in the aggregate at a conversion price ranging from $1.10 to $2.06 per share of common stock. The proceeds received in 2011 were used to fund working capital requirements.   During the six months ended June 30, 2012, the Company issued 2,150 shares of its Series C Preferred stock to a significant shareholder and board member. The Preferred shares were issued for $100 per share, or $215,000 in the aggregate at a conversion price of $2.50 per share of common stock. In addition, the Company issued 4,000 shares of its Series C Preferred stock to Banyan Rail Holdings. The Preferred shares were issued for $100 per share, or $400,000 in the aggregate at a conversion price between $2.40 and $2.50 per share of common stock.   As of June 30, 2012, Banyan Rail Holdings owned 3,000, 10,000, 11,850 and 686,283 shares of Series A Preferred, Series B Preferred, Series C Preferred and common stock, respectively. If converted Banyan Rail Holdings would own 1,875,981 shares of common stock. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 1.  Nature of Operations   Banyan Rail Services Inc. (“Banyan,” “we,” “our” or the “Company”) owns 100% of the common stock of The Wood Energy Group, Inc. (“Wood Energy”). Wood Energy engages in the business of railroad tie reclamation and disposal, principally in the south and southwest. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Revenue for the three and six months ended June 30, 2012 and 2011, and accounts receivable from customers as of June 30, 2012 and 2011 representing over 10% of revenue were as follows:   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6">Three months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Six months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Revenue</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Accounts Receivable</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 22%">Company A</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">9.4</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">10.8</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">9.3</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">11.0</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">19.9</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">8.6</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company B</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">17.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">14.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">6.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.6</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company C</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">11.3</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">10.3</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">19.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1.8</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">20.5</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company D</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">30.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">49.2</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">29.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">48.1</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">36.4</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">33.3</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Company E</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13.1</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">9.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">13.6</td> <td style="TEXT-ALIGN: left">%</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.0</td> <td style="TEXT-ALIGN: left">%</td> </tr> </table> </div>

1431650

1074017

<div style="FONT: 10pt Times New Roman, Times, Serif"> Income Taxes   The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes.  Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.   ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. </div>

14000

196951

12000

0.26

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 7. Income Taxes    The provision for income taxes consists of the following components:   <table style="WIDTH: 45%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="6" nowrap="nowrap">Six months ended June 30,</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Current</td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt; WIDTH: 70%">Deferred</td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 12%"> 78,580</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%">  </td> <td style="PADDING-BOTTOM: 1pt; WIDTH: 1%"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left; WIDTH: 1%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right; WIDTH: 12%"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt; WIDTH: 1%">  </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: center; PADDING-BOTTOM: 1pt; COLOR: red">  </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 78,580</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table>   The components of deferred income tax assets and liabilities are as follows:   <table style="WIDTH: 85%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">June 30,</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">December 31,</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2012</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-DECORATION: underline">Long-term deferred tax assets:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 74%">Stock compensation benefit</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">216,993</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">216,024</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Net operating loss carryforward</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,672,090</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 1,584,490</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Total long-term deferred tax assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,889,083</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,800,514</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Valuation allowance</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (490,790</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (255,689</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,398,293</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,544,825</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; TEXT-DECORATION: underline">Long-term deferred tax liabilities:</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Intangible assets</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(430,396</td> <td style="TEXT-ALIGN: left">)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">(467,818</td> <td style="TEXT-ALIGN: left">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Property and equipment</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (476,895</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (507,425</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Total long-term deferred tax liabilities</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (907,291</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (975,243</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Net deferred tax assets</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 491,002</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 569,582</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table>   Our Federal net operating loss (“NOL”) carryforward balance as of June 30, 2012 was $4,844,653, expiring between 2012 and 2032.  A schedule of the NOLs is as follows:   <table style="WIDTH: 35%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" nowrap="nowrap">Tax Year</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Net operating loss</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 70%">1997</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 27%">66,707</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">1998</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">184,360</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">1999</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">187,920</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2000</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,095</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2001</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">104,154</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2002</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">15,076</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2003</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">96,977</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2004</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">78,293</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2005</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,824</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2006</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">48,526</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2007</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">180,521</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2008</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">534,087</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2009</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">1,444,831</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2010</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">842,251</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2011</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">694,896</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">Current year taxable loss</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 270,135</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 4,844,653</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The Company's net deferred tax assets before valuation allowance as of June 30, 2012 was $981,792, most of which relates to net operating losses that expire from 2012 to 2032. The Company recorded an operating loss for the quarter and has a recent history of operating losses. After assessing the realization of the net deferred tax assets, we have recorded a valuation allowance of 50% of the value of the net deferred tax assets as we believe it more likely than not that the Company will not realize operating profits and taxable income so as to utilize all of the net operating losses in the future.   The Company is subject to income taxes in the U.S. federal jurisdiction and a number of state jurisdictions. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for the years before 2007. </div>

190000

P2Y6M

1652693

361907

-1827

1137304

578676

172475

76035

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 5. Term Loan and Revolving Credit Line   <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">As of June 30, 2012, the Company’s outstanding debt is as follows:</td> <td> </td> <td style="TEXT-ALIGN: justify" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify"> </td> <td> </td> <td style="TEXT-ALIGN: justify" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%">Term note dated March 27, 2012 in the amount of $430,000 that matures on April 15, 2017. The term note has monthly principal and interest payments of $8,445, with an interest rate of 6.66%. The note is secured by certain of the Company's equipment.</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">417,846</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Term note dated May 11, 2012, in the amount of $3.0 million that matures on June 1, 2017. Principal payments of $50,000 per month plus interest. The note bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">$1.0 million line of credit for working capital dated May 11, 2012 that matures on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and is secured by certain of the Company’s assets.</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">759,790</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$500,000 line of credit for capital expenditures dated May 11, 2012 that matures on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 74,069</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,251,705</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">Less current portion of long-term debt</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (675,812</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt">Long-term debt</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,575,893</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table>   The maximum loan advances on the working capital line are based on specific percentages of eligible working capital amounts, including accounts receivable and inventory. Draws on the capital expenditures line are based on 80% of the cost of such capital expenditures.     The credit facilities contain financial covenants pertaining to fixed charges, total debt and minimum earnings before interest, taxes, depreciation and amortization (EBITDA) and are tested quarterly. As of June 30, 2012, the Company is in compliance with the financial covenants of its term loan and credit lines. </div>

P1Y

91615

3045856

78580

196951

<div style="FONT: 10pt Times New Roman, Times, Serif"> <table style="WIDTH: 100%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify">As of June 30, 2012, the Company’s outstanding debt is as follows:</td> <td> </td> <td style="TEXT-ALIGN: justify" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: justify"> </td> <td> </td> <td style="TEXT-ALIGN: justify" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%">Term note dated March 27, 2012 in the amount of $430,000 that matures on April 15, 2017. The term note has monthly principal and interest payments of $8,445, with an interest rate of 6.66%. The note is secured by certain of the Company's equipment.</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">417,846</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Term note dated May 11, 2012, in the amount of $3.0 million that matures on June 1, 2017. Principal payments of $50,000 per month plus interest. The note bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">3,000,000</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">$1.0 million line of credit for working capital dated May 11, 2012 that matures on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and is secured by certain of the Company’s assets.</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">759,790</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">$500,000 line of credit for capital expenditures dated May 11, 2012 that matures on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets.</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 74,069</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4,251,705</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">Less current portion of long-term debt</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (675,812</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2.5pt">Long-term debt</td> <td style="PADDING-BOTTOM: 2.5pt"> </td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: left"> $</td> <td style="BORDER-BOTTOM: black 2.5pt double; TEXT-ALIGN: right"> 3,575,893</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2.5pt"> </td> </tr> </table> </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Retained Earnings Distributions   The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company. In addition, the Company is unable to pay dividends on its common stock until dividends are paid on its preferred stock. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> At June 30, 2012, the total future minimum rental commitments under all the above leases are as follows:   <table style="WIDTH: 65%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.1in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>For the years ending December 31,</td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%">2012</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">99,966</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2013</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">145,629</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2014</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">91,035</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,822</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">2016</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 23,420</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Net minimum lease payments</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">430,872</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Less amount representing interest</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 69,512</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Present value of net minimum lease payments</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">361,360</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Amount representing current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (150,032</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Capital leases payable, less current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 211,328</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 11. Business Interruption Insurance   In September 2011, the Company had a mechanical breakdown at its railroad tie fuel processing center, whereby its normal operations were interrupted. The Company is insured for such matters. Amounts claimed for 2011 have been collected and the Company has recorded $190,000 of estimated business interruption insurance recoveries for the three and six months ending June 30, 2012, which is expected to be collected upon finalization of the claim. The Company has accounted for the recoveries of business interruption losses in accordance with Accounting Standard Codification 225, and has recorded the accrual in revenues on the Company’s statement of operations and in accounts receivables on the Company’s balance sheet, respectively. </div>

-547560

77704

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 4.   Leases   The Company leases equipment used in its operations under capital leases that expire over two to five years. Payments under these capital leases were approximately $133,000 and $46,000 for the six months ended June 30, 2012 and 2011.   At June 30, 2012, the total future minimum rental commitments under all the above leases are as follows:   <table style="WIDTH: 65%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif; MARGIN-LEFT: 0.1in" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td>For the years ending December 31,</td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 87%">2012</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 10%">99,966</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2013</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">145,629</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2014</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">91,035</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">2015</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">70,822</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">2016</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 23,420</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Net minimum lease payments</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">430,872</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Less amount representing interest</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 69,512</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Present value of net minimum lease payments</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">361,360</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Amount representing current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (150,032</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Capital leases payable, less current portion</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 211,328</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table>   The Company also had an operating lease for unimproved land in Shreveport, La, where its processing facility was located, for a two year period ended January 2012, for which the Company extended the term on a month to month basis until April 2012. Payments under this operating lease were $12,000 and $18,000 for the six months ended June 30, 2012 and 2011, respectively.   On August 29, 2011, the Company entered into a lease with a former related party for a new facility in Gibsland, La. This facility replaced the Company’s previous facility in Shreveport, La. The lease took effect in January 2012 upon the completion of development of the site. The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars per year to the leased facility at a rate of $300 per car. For the six months ended June 30, 2012, the Company made payments of approximately $132,469 under this lease.   The Company has operating leases for railcars which expire within one to three years. During the six months ended the Company entered into a new three year lease for 50 railcars, of which 21 have been delivered. The lease expires on the third anniversary date the first car was delivered to the Company. Future commitments under these obligations for delivered cars as of June 30, 2012 are as follows:   <table style="WIDTH: 30%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td colspan="5">For the years ending December 31,</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 56%">2012</td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 2%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 38%">182,250</td> <td style="TEXT-ALIGN: left; WIDTH: 2%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2013</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">171,450</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2014</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,100</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">2015</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 53,550</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 514,350</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Valuation of Long-Lived Assets   The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its assets, management performs an analysis of the anticipated undiscounted future net cash flows of the individual assets over the remaining amortization period or an appraisal of market value is obtained. </div>

78580

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 3.  Summary of Significant Accounting Policies   Revenue Recognition   The Company recognizes revenue for the pick-up and disposal of used railroad ties upon the completion of the scope of work required under its contracts, which is when the Company considers amounts to be earned (evidence of an arrangement has been obtained, services are delivered, fees are fixed and determinable and collectability is reasonably assured). Accordingly, monies received or progress invoices for services for which contracts have not been completed have been recorded as deferred revenue on the balance sheet. Direct costs, including but not limited to payroll, fuel, equipment rental, transportation expense and strapping costs for contracts which have not been completed are also deferred until the related revenue process is complete.   The Company receives revenue from the processing of railroad ties into scrap tie fuel and the sale of certain scrap ties to landscapers, railroad tie users (relay) and other railroad tie processors. These revenues are recorded when the ties or derivative materials are delivered to the customer.   Use of Estimates   The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment, and the useful lives of intangible assets.   Cash and Cash Equivalents   The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents.   Accounts Receivable   Trade accounts receivable are recorded net of an allowance for doubtful accounts. An allowance is estimated from historical performance and current market and economic conditions. Uncollectible accounts are charged to operations if write offs are deemed necessary. As of June 30, 2012 and December 31, 2011 no allowance has been provided as all accounts receivable are deemed collectible.   Under the completed contract method of revenue recognition the Company has recorded progress payments received for uncompleted contracts as deferred revenue in the amounts of $2,964,612 and $2,050,163 as of June 30, 2012 and December 31, 2011, respectively. These amounts represent billed amounts under existing contracts to be recognized as revenue upon the removal of all of each contract’s ties from the customer’s premises.   Property and Equipment   Property and equipment owned and under capital leases are carried at cost. Depreciation of property and equipment is provided using the straight line method for financial reporting purposes at rates based on the following estimated useful lives:   <table style="WIDTH: 80%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify; PADDING-BOTTOM: 1pt; WIDTH: 81%">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center; WIDTH: 19%">  Years</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Machinery and equipment</td> <td style="TEXT-ALIGN: center">  3-7</td> </tr> <tr style="VERTICAL-ALIGN: top"> <td style="TEXT-ALIGN: justify">Track on leased properties</td> <td style="TEXT-ALIGN: center"> 4</td> </tr> </table>   Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.   Valuation of Long-Lived Assets   The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its assets, management performs an analysis of the anticipated undiscounted future net cash flows of the individual assets over the remaining amortization period or an appraisal of market value is obtained.   Fair Value of Financial Instruments   Recorded financial instruments consist of cash, accounts receivable, accounts payable, and short-term and long-term debt and lease obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company.   Earnings Per Share   Basic earnings per share is computed based on the weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents.   Goodwill and Intangibles   Goodwill is not amortized but rather is tested at least annually for impairment. The Company assesses impairment by comparing the fair value of the goodwill with its carrying value. The determination of fair value involves significant management judgment. Impairments are expensed when incurred. For goodwill, a two-step impairment model is used. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than the carrying amount, goodwill would be considered impaired. The second step measures the goodwill impairment as the excess of the recorded goodwill over the asset’s implied fair value. During the six months ended June 30, 2012 and 2011, there were no impairments of goodwill.   Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives.   Income Taxes   The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes.  Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.   ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.   Inventory   Inventory includes the costs of material, labor and direct overhead and is stated at the lower of cost or market. Inventory is accumulated to service the landscape tie and scrap tie fuel markets. Inventory at June 30, 2012 and December 31, 2011 was approximately $307,000 and $35,000, respectively and was included in prepaid and other current assets on the balance sheets.   Retained Earnings Distributions   The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company. In addition, the Company is unable to pay dividends on its common stock until dividends are paid on its preferred stock. </div>

-822215

<div style="FONT: 10pt Times New Roman, Times, Serif"> Use of Estimates   The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment, and the useful lives of intangible assets. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Earnings Per Share   Basic earnings per share is computed based on the weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents. </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> The assumptions used in the option-pricing models were as follows:   <table style="WIDTH: 35%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%">Risk free interest rate</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 27%">1.51</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected life (years)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> </div>

<div style="FONT: 10pt Times New Roman, Times, Serif"> Note 9.  Stock-Based Compensation   The Company has stock option agreements with its directors and officers for serving on the Company’s Board of Directors and as officers. The options activity is as follows:   <table style="WIDTH: 90%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0" align="center"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2"> </td> <td> </td> <td> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Weighted  Average</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">  </td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Number</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Exercise Price</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Fair Value at</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Remaining</td> <td nowrap="nowrap"> </td> <td nowrap="nowrap"> </td> <td style="TEXT-ALIGN: center" colspan="2" nowrap="nowrap"> Intrinsic</td> <td nowrap="nowrap"> </td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">of Shares</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">per Share</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Grant Date</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Contractual Life</td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="PADDING-BOTTOM: 1pt" nowrap="nowrap"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2" nowrap="nowrap">Value</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="WIDTH: 35%">Balance January 1, 2011</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">253,000</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">3.08</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">2.2 Years</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 10%">-</td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">25,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.06</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">13,500</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">4.0 Years</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0.00</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Options expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> (50,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">)</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 3.18</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left"></td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td>Balance, January 1, 2012</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">228,000</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">2.92</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">2.5 years</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options granted</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left">$</td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Options exercised</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">-</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt">Options expired</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt">Balance, June 30, 2012</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 228,000</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 2.92</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt"> </td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right">2.5 years</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> -</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table>   Prior to June 30, 2010 the Company had not adopted a formal stock option plan. The number of options issued and the grant dates were determined at the discretion of the Company’s Board. Certain options vest at the date of grant and others vest over a one year period. The options are exercisable for periods not exceeding three to five years from the date of grant. On July 1, 2010 at its annual meeting of stockholders, the 2010 Stock Option and Award Plan was approved.   The fair values of stock options are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk free interest rate. The risk free interest rate is the five year treasury rate at the date of grant. The expected life is based on the contractual life of the options at the date of grant. With a change in management in 2008, it was determined that the Company would seek acquisitions in railroad related businesses. Accordingly, the 2011 expected volatility rate was estimated using the average volatility rates of public companies in the railroad industry. The Company uses an estimated forfeiture rate of 0% due to limited experience with historical forfeitures.   The assumptions used in the option-pricing models were as follows:   <table style="WIDTH: 35%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center" colspan="2">2011</td> <td style="PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left; WIDTH: 70%">Risk free interest rate</td> <td style="WIDTH: 1%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 1%"> </td> <td style="TEXT-ALIGN: right; WIDTH: 27%">1.51</td> <td style="TEXT-ALIGN: left; WIDTH: 1%">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected life (years)</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">5</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Expected volatility</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">26</td> <td style="TEXT-ALIGN: left">%</td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: left">Dividend yield</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">0</td> <td style="TEXT-ALIGN: left"> </td> </tr> </table> </div>

75982

<div style="FONT: 10pt Times New Roman, Times, Serif"> Fair Value of Financial Instruments   Recorded financial instruments consist of cash, accounts receivable, accounts payable, and short-term and long-term debt and lease obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company. </div>

615000

160738

<div style="FONT: 10pt Times New Roman, Times, Serif"> Goodwill and Intangibles   Goodwill is not amortized but rather is tested at least annually for impairment. The Company assesses impairment by comparing the fair value of the goodwill with its carrying value. The determination of fair value involves significant management judgment. Impairments are expensed when incurred. For goodwill, a two-step impairment model is used. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than the carrying amount, goodwill would be considered impaired. The second step measures the goodwill impairment as the excess of the recorded goodwill over the asset’s implied fair value. During the six months ended June 30, 2012 and 2011, there were no impairments of goodwill.   Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives. </div>

188413

77704

236738 <div style="FONT: 10pt Times New Roman, Times, Serif"> Future commitments under these obligations for delivered cars as of June 30, 2012 are as follows:   <table style="WIDTH: 30%; BORDER-COLLAPSE: collapse; FONT: 10pt Times New Roman, Times, Serif" cellspacing="0" cellpadding="0"> <tr style="VERTICAL-ALIGN: bottom"> <td colspan="5">For the years ending December 31,</td> </tr> <tr style="VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; WIDTH: 56%">2012</td> <td style="WIDTH: 2%"> </td> <td style="TEXT-ALIGN: left; WIDTH: 2%">$</td> <td style="TEXT-ALIGN: right; WIDTH: 38%">182,250</td> <td style="TEXT-ALIGN: left; WIDTH: 2%"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2013</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">171,450</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right">2014</td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right">107,100</td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 1pt">2015</td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">  </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 53,550</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> <tr style="BACKGROUND-COLOR: rgb(204,255,204); VERTICAL-ALIGN: bottom"> <td> </td> <td> </td> <td style="TEXT-ALIGN: left"> </td> <td style="TEXT-ALIGN: right"> </td> <td style="TEXT-ALIGN: left"> </td> </tr> <tr style="BACKGROUND-COLOR: white; VERTICAL-ALIGN: bottom"> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="PADDING-BOTTOM: 1pt"> </td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: left">$</td> <td style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: right"> 514,350</td> <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 1pt"> </td> </tr> </table> </div> -0.27 0.00

0.093

0.142

0.103

0.290

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8445

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50000

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P3Y

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P5Y

2032 P5Y P3Y

P7Y

537296

6150

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2768

196951

77704

400000

4000

100

215000

2150

100

36000

132469

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P2Y73D

28153

3.18

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312495

P2Y6M

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13500

P4Y

785000

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785000

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393383

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-0.12

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Schedule of Net Operating Loss (Detail) (USD $)	Jun. 30, 2012
Operating Loss Carryforwards [Line Items]
Net operating loss	$ 4,844,653
Tax Year 1997
Operating Loss Carryforwards [Line Items]
Net operating loss	66,707
Tax Year 1998
Operating Loss Carryforwards [Line Items]
Net operating loss	184,360
Tax Year 1999
Operating Loss Carryforwards [Line Items]
Net operating loss	187,920
Tax Year 2000
Operating Loss Carryforwards [Line Items]
Net operating loss	25,095
Tax Year 2001
Operating Loss Carryforwards [Line Items]
Net operating loss	104,154
Tax Year 2002
Operating Loss Carryforwards [Line Items]
Net operating loss	15,076
Tax Year 2003
Operating Loss Carryforwards [Line Items]
Net operating loss	96,977
Tax Year 2004
Operating Loss Carryforwards [Line Items]
Net operating loss	78,293
Tax Year 2005
Operating Loss Carryforwards [Line Items]
Net operating loss	70,824
Tax Year 2006
Operating Loss Carryforwards [Line Items]
Net operating loss	48,526
Tax Year 2007
Operating Loss Carryforwards [Line Items]
Net operating loss	180,521
Tax Year 2008
Operating Loss Carryforwards [Line Items]
Net operating loss	534,087
Tax Year 2009
Operating Loss Carryforwards [Line Items]
Net operating loss	1,444,831
Tax Year 2010
Operating Loss Carryforwards [Line Items]
Net operating loss	842,251
Tax Year 2011
Operating Loss Carryforwards [Line Items]
Net operating loss	694,896
Current year taxable loss
Operating Loss Carryforwards [Line Items]
Net operating loss	$ 270,135

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Related Party Transactions - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended		1 Months Ended	6 Months Ended
	Sep. 30, 2009 Year	Jun. 30, 2012	Jun. 30, 2011	Jan. 31, 2012 Related party operating lease agreement	Jun. 30, 2012 Related party operating lease agreement	Jun. 30, 2012 Patriot Rail Corp.	Jun. 30, 2011 Patriot Rail Corp.	Jul. 31, 2011 Patriot Rail Corp.	Jun. 30, 2012 Board of directors, officers, and officers of subsidiary
Related Party Transaction [Line Items]
Monthly lease payment							$ 5,000	$ 6,000
Lease cost						36,000	30,000
Ownership of related party in preferred Stock									31,000
Ownership of related party in common Stock									1,384,409
Ownership of related party in common stock if preferred stock is converted									2,999,107
Shareholders and/or Officers fees for consultancy services		14,000	97,500
Employment agreement term	5
Annual rental payment				10,000
Additional commitment of railcars per year				1,200
Leased facility rate per car				300
Rental payment		$ 12,000	$ 18,000		$ 130,000

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Outstanding Debt (Parenthetical) (Detail) (USD $)	6 Months Ended
Outstanding Debt (Parenthetical) (Detail) (USD $)	Jun. 30, 2012
Term note dated March 27, 2012
Line of Credit Facility [Line Items]
Issurance date	Mar. 27, 2012
Debt, face amount	$ 430,000
Monthly principal and interest payments	8,445
Interest rate percentage	6.66%
Maturity date	Apr. 15, 2017
Term note dated May 11, 2012
Line of Credit Facility [Line Items]
Issurance date	May 11, 2012
Debt, face amount	3,000,000
Monthly principal and interest payments	50,000
Interest rate percentage	6.50%
Maturity date	Jun. 01, 2017
Term note dated May 11, 2012 \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread percentage above LIBOR or prime rate	3.00%
Term note dated May 11, 2012 \| LIBOR
Line of Credit Facility [Line Items]
LIBOR floor rate percentage	2.00%
Basis spread percentage above LIBOR or prime rate	4.50%
Line of credit for working capital
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	1,000,000
Issurance date	May 11, 2012
Interest rate percentage	6.50%
Maturity date	Jun. 01, 2017
Line of credit for working capital \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread percentage above LIBOR or prime rate	3.00%
Line of credit for working capital \| LIBOR
Line of Credit Facility [Line Items]
LIBOR floor rate percentage	2.00%
Basis spread percentage above LIBOR or prime rate	4.50%
Line of credit for capital expenditures
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 500,000
Issurance date	May 11, 2012
Interest rate percentage	6.50%
Maturity date	Jun. 01, 2017
Debt instrument, conversion to term note date	Jun. 01, 2013
Line of credit for capital expenditures \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread percentage above LIBOR or prime rate	3.00%
Line of credit for capital expenditures \| LIBOR
Line of Credit Facility [Line Items]
LIBOR floor rate percentage	2.00%
Basis spread percentage above LIBOR or prime rate	4.50%

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Major Customers (Tables)

6 Months Ended

Jun. 30, 2012

Revenue and Accounts Receivable from Customers Representing Over Ten Percent of Revenue or Accounts Receivable

Revenue for the three and six months ended June 30, 2012 and 2011, and accounts receivable from customers as of June 30, 2012 and 2011 representing over 10% of revenue were as follows:

	Three months ended June 30,						Six months ended June 30,						June 30,
	2012			2011			2012			2011			2012			2011
	Revenue			Revenue			Revenue			Revenue			Accounts Receivable
Company A		9.4	%		10.8	%		9.3	%		11.0	%		19.9	%		8.6	%
Company B		17.4	%		11.2	%		14.2	%		0.0	%		6.0	%		11.6	%
Company C		11.3	%		19.4	%		10.3	%		19.4	%		1.8	%		20.5	%
Company D		30.2	%		49.2	%		29.0	%		48.1	%		36.4	%		33.3	%
Company E		13.1	%		0.0	%		9.0	%		0.0	%		13.6	%		0.0	%

XML 17 R42.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for certain options	1 year
Estimated forfeiture rate	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	5 years

XML 18 R37.htm IDEA: XBRL DOCUMENT

Components of Deferred Income Tax Assets and Liabilities (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Long-term deferred tax assets:
Stock compensation benefit	$ 216,993	$ 216,024
Net operating loss carryforward	1,672,090	1,584,490
Total long-term deferred tax assets	1,889,083	1,800,514
Valuation allowance	(490,790)	(255,689)
Deferred Tax Assets, Net of Valuation Allowance, Total	1,398,293	1,544,825
Long-term deferred tax liabilities:
Intangible assets	(430,396)	(467,818)
Property and equipment	(476,895)	(507,425)
Total long-term deferred tax liabilities	(907,291)	(975,243)
Net deferred tax assets	$ 491,002	$ 569,582

XML 19 R9.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2012

Summary of Significant Accounting Policies

Note 3. Summary of Significant Accounting Policies

Revenue Recognition

Use of Estimates

Cash and Cash Equivalents

The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Property and Equipment

	Years
Machinery and equipment	3-7
Track on leased properties	4

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Valuation of Long-Lived Assets

Fair Value of Financial Instruments

Earnings Per Share

Goodwill and Intangibles

Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives.

Income Taxes

Inventory

Retained Earnings Distributions

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References+ Details

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Assumptions used in Option-Pricing Models (Detail)	6 Months Ended
Assumptions used in Option-Pricing Models (Detail)	Jun. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk free interest rate	1.51%
Expected life (years)	5 years
Expected volatility	26.00%
Dividend yield	0.00%

- Definition

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

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Leases - Additional Information (Detail) (USD $)	6 Months Ended				1 Months Ended	6 Months Ended
Leases - Additional Information (Detail) (USD $)	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012 Minimum	Jun. 30, 2012 Maximum	Jan. 31, 2012 Related party operating lease agreement	Jun. 30, 2012 Related party operating lease agreement	Jun. 30, 2012 Leases equipment used in operations	Jun. 30, 2011 Leases equipment used in operations	Jun. 30, 2012 New lease agreement
Capital Leased Assets [Line Items]
Capital leases expiration period			2 years	5 years
Payment of capital leases	$ 76,035	$ 45,732					$ 133,000	$ 46,000
Payment under operating lease	12,000	18,000				132,469
Annual rental payment					$ 10,000
Number of railcars leased					1,200				50
Leased facility rate per car					300
Operating lease, expiration period			1 year	3 years					3 years
Number of railcars delivered									21

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Estimated Useful Life (Detail)	6 Months Ended
Estimated Useful Life (Detail)	Jun. 30, 2012
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	7 years
Track on leased properties
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	4 years

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Revenue and Accounts Receivable from Customers Representing Over Ten Percent of Revenue or Accounts Receivable (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2012	Jun. 30, 2011	Jun. 30, 2012	Jun. 30, 2011
Company A
Concentration Risk [Line Items]
Revenue	9.40%	10.80%	9.30%	11.00%
Accounts Receivable	19.90%	8.60%	19.90%	8.60%
Company B
Concentration Risk [Line Items]
Revenue	17.40%	11.20%	14.20%	0.00%
Accounts Receivable	6.00%	11.60%	6.00%	11.60%
Company C
Concentration Risk [Line Items]
Revenue	11.30%	19.40%	10.30%	19.40%
Accounts Receivable	1.80%	20.50%	1.80%	20.50%
Company D
Concentration Risk [Line Items]
Revenue	30.20%	49.20%	29.00%	48.10%
Accounts Receivable	36.40%	33.30%	36.40%	33.30%
Company E
Concentration Risk [Line Items]
Revenue	13.10%	0.00%	9.00%	0.00%
Accounts Receivable	13.60%	0.00%	13.60%	0.00%

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Future Minimum Rental Commitments (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Capital Leased Assets [Line Items]
2012	$ 99,966
2013	145,629
2014	91,035
2015	70,822
2016	23,420
Net minimum lease payments	430,872
Less amount representing interest	69,512
Present value of net minimum lease payments	361,360
Amount representing current portion	(150,032)	(131,690)
Capital leases payable, less current portion	$ 211,328	$ 144,967

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Future Commitments under Lease Obligations for Delivered Cars (Detail) (USD $)	Jun. 30, 2012
Operating Leased Assets [Line Items]
2012	$ 182,250
2013	171,450
2014	107,100
2015	53,550
Operating Leases, Future Minimum Payments Due, Total	$ 514,350

- Definition

Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the next fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the forth fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the third fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

+ References+ Details

- Definition

Amount of required minimum rental payments maturing in the second fiscal year following the latest fiscal year for operating leases having an initial or remaining non-cancelable letter-terms in excess of one year.

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XML 27 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation

6 Months Ended

Jun. 30, 2012

Basis of Presentation

Note 2. Basis of Presentation

All significant intercompany transactions and accounts have been eliminated in consolidation.

The results of operations for the six months ended June 30, 2012 are not necessarily indicative of the results to be expected for the full 2012 year.

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Outstanding Debt (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Line of Credit Facility [Line Items]
Long-term debt	$ 4,251,705
Less current portion of long-term debt	(675,812)	(744,066)
Long-term debt, less current portion	3,575,893	2,442,479
Term note dated March 27, 2012
Line of Credit Facility [Line Items]
Long-term debt	417,846
Term note dated May 11, 2012
Line of Credit Facility [Line Items]
Long-term debt	3,000,000
Line of credit for working capital
Line of Credit Facility [Line Items]
Long-term debt	759,790
Line of credit for capital expenditures
Line of Credit Facility [Line Items]
Long-term debt	$ 74,069

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Earnings Per Share - Additional Information (Detail)	6 Months Ended
Earnings Per Share - Additional Information (Detail)	Jun. 30, 2012	Jun. 30, 2011
Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, shares	2,125,697	1,444,444
Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, shares	61,000

- Definition

Securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 07-4

-Paragraph 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Glossary Diluted Earnings Per Share

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-Name Accounting Standards Codification

-Glossary Contingent Stock Agreement

-URI http://asc.fasb.org/extlink&oid=6508534

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Antidilution

-URI http://asc.fasb.org/extlink&oid=6505113

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Accounting Standards Codification

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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XML 30 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2012	Dec. 31, 2011
Current assets
Cash and cash equivalents	$ 19,061	$ 314,233
Accounts receivable - trade	1,056,154	448,279
Cost incurred related to deferred revenue	3,326,914	2,189,610
Prepaid expenses and other current assets	335,402	98,664
Total current assets	4,737,531	3,050,786
Property and equipment, net	3,266,125	2,649,764
Other assets
Deferred income taxes	491,002	569,582
Identifiable intangible assets, net	1,260,640	1,336,622
Goodwill	3,658,364	3,658,364
Other assets	124,224	135,026
Total other assets	5,534,230	5,699,594
Total assets	13,537,886	11,400,144
Current liabilities
Accounts payable and accrued expenses	1,058,444	882,747
Deferred revenue	2,964,612	2,050,163
Current portion of long-term debt	675,812	744,066
Current portion of capital leases	150,032	131,690
Accrued dividends	240,699	216,223
Total current liabilities	5,089,599	4,024,889
Long-term debt, less current portion	3,575,893	2,442,479
Capital leases, less current portion	211,328	144,967
Total liabilities	8,876,820	6,612,335
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value. 7,500,000 shares authorized. 3,045,856 issued	30,458	30,458
Additional paid-in capital	92,782,577	92,899,056
Accumulated deficit	(90,235,812)	(89,688,252)
Treasury stock, at cost, for 28,276 shares	(70,689)	(70,689)
Total stockholders' equity	4,661,066	4,787,809
Total liabilities and stockholders' equity	13,537,886	11,400,144
Series A Preferred stock
Stockholders' equity
Preferred stock	200	200
Series B Preferred stock
Stockholders' equity
Preferred stock	754,332	832,036
Series C Preferred stock
Stockholders' equity
Preferred stock	$ 1,400,000	$ 785,000

XML 31 R45.htm IDEA: XBRL DOCUMENT

Business Interruption Insurance - Additional Information (Detail) (USD $)	3 Months Ended	6 Months Ended
	Jun. 30, 2012	Jun. 30, 2012
Business Interruption Loss [Line Items]
Insurance recoveries	$ 190,000	$ 190,000

XML 32 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Stockholders' Equity (USD $)	Total	Series B Preferred stock	Series C Preferred stock	Common Stock	Preferred Stock	Preferred Stock Series B Preferred stock	Preferred Stock Series C Preferred stock	Additional Paid in Capital	Additional Paid in Capital Series B Preferred stock	Accumulated Deficit	Treasury Stock
Beginning Balance at Dec. 31, 2010	$ 4,722,818			$ 30,458	$ 576,637			$ 93,045,614		$ (88,859,202)	$ (70,689)
Beginning Balance (in shares) at Dec. 31, 2010				3,045,856	26,000						28,276
Issuance of preferred stock (in shares)			7,850			4,000	7,850
Issuance of preferred stock		393,383	785,000			255,599	785,000		137,784
Stock compensation expense	28,153							28,153
Net loss	(829,050)									(829,050)
Preferred stock dividends	(312,495)							(312,495)
Ending Balance at Dec. 31, 2011	4,787,809			30,458	1,617,236			92,899,056		(89,688,252)	(70,689)
Ending Balance (in shares) at Dec. 31, 2011				3,045,856	37,850						28,276
Amortization of beneficial conversion feature preferred stock - Series B	77,704							77,704
Issuance of preferred stock (in shares)							6,150
Issuance of preferred stock			537,296				537,296
Stock compensation expense	2,768							2,768
Net loss	(547,560)									(547,560)
Preferred stock dividends	(196,951)							(196,951)
Ending Balance at Jun. 30, 2012	$ 4,661,066			$ 30,458	$ 2,154,532			$ 92,782,577		$ (90,235,812)	$ (70,689)
Ending Balance (in shares) at Jun. 30, 2012				3,045,856	44,000						28,276

- Definition

Adjustment to Additional Paid in Capital resulting from the recognition of deferred taxes for the temporary difference of the convertible debt with a beneficial conversion feature. A beneficial conversion feature is a nondetachable conversion feature that is in-the-money.

+ References+ Details

- Definition

This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

- Definition

Number of new stock issued during the period.

+ References+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

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Convertible Debentures and Preferred Stock - Additional Information (Detail) (USD $)
1 Months Ended 6 Months Ended 12 Months Ended

Jul. 31, 2011

Jun. 30, 2012

Dec. 31, 2011

Apr. 05, 2012

Series C Preferred stock

Stockholders Equity Note [Line Items]

Preferred stock designated stock 10,000 10,000

Preferred stock conversion date Jun. 30, 2014

Issuance of preferred stock, shares 7,850

Issuance of stock, price per share $ 100

Issuance of preferred stock, value $ 537,296 $ 785,000

Series C Preferred stock | Minimum

Stockholders Equity Note [Line Items]

Convertible preferred stock, conversion price $ 1.10

Series C Preferred stock | Maximum

Stockholders Equity Note [Line Items]

Convertible preferred stock, conversion price $ 2.06

Series B Preferred stock

Stockholders Equity Note [Line Items]

Issuance of preferred stock, value 393,383

Significant shareholder and board member | Series C Preferred stock

Stockholders Equity Note [Line Items]

Issuance of preferred stock, shares 2,150

Issuance of stock, price per share $ 100

Issuance of preferred stock, value 215,000

Convertible preferred stock, conversion price $ 2.50

Banyan Rail Holdings LLC

Stockholders Equity Note [Line Items]

Common stock 686,283

Common shares issuable upon conversion of convertible preferred stock 1,875,981

Banyan Rail Holdings LLC | Series C Preferred stock

Stockholders Equity Note [Line Items]

Issuance of preferred stock, shares 4,000

Issuance of stock, price per share $ 100

Issuance of preferred stock, value $ 400,000

Preferred stock 11,850

Banyan Rail Holdings LLC | Series C Preferred stock | Minimum

Stockholders Equity Note [Line Items]

Convertible preferred stock, conversion price $ 2.40

Banyan Rail Holdings LLC | Series C Preferred stock | Maximum

Stockholders Equity Note [Line Items]

Convertible preferred stock, conversion price $ 2.50

Banyan Rail Holdings LLC | Series A Preferred stock

Stockholders Equity Note [Line Items]

Preferred stock 3,000

Banyan Rail Holdings LLC | Series B Preferred stock

Stockholders Equity Note [Line Items]

Preferred stock 10,000

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-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

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-Subparagraph (SX 210.3-04)

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Term Loan and Revolving Credit Line (Tables)
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Outstanding Debt

As of June 30, 2012, the Company’s outstanding debt is as follows:

Term note dated March 27, 2012 in the amount of $430,000 that matures on April 15, 2017. The term note has monthly principal and interest payments of $8,445, with an interest rate of 6.66%. The note is secured by certain of the Company's equipment. $ 417,846

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$1.0 million line of credit for working capital dated May 11, 2012 that matures on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and is secured by certain of the Company’s assets. 759,790

$500,000 line of credit for capital expenditures dated May 11, 2012 that matures on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets. 74,069

4,251,705

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Stock-Based Compensation (Tables)
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Stock Option Activities

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Weighted
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Average Weighted
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Options granted 25,000 2.06 $ 13,500 4.0 Years -

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2011

Risk free interest rate 1.51 %

Expected life (years) 5

Expected volatility 26 %

Dividend yield 0

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Nature of Operations
6 Months Ended

Jun. 30, 2012

Nature of Operations

Note 1. Nature of Operations

Banyan Rail Services Inc. (“Banyan,” “we,” “our” or the “Company”) owns 100% of the common stock of The Wood Energy Group, Inc. (“Wood Energy”). Wood Energy engages in the business of railroad tie reclamation and disposal, principally in the south and southwest.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)

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Dec. 31, 2011

Common stock, par value $ 0.01 $ 0.01

Common stock, shares authorized 7,500,000 7,500,000

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Preferred stock, shares issued 10,000 10,000

Series C Preferred stock

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Business Interruption Insurance
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Business Interruption Insurance

Note 11. Business Interruption Insurance

In September 2011, the Company had a mechanical breakdown at its railroad tie fuel processing center, whereby its normal operations were interrupted. The Company is insured for such matters. Amounts claimed for 2011 have been collected and the Company has recorded $190,000 of estimated business interruption insurance recoveries for the three and six months ending June 30, 2012, which is expected to be collected upon finalization of the claim. The Company has accounted for the recoveries of business interruption losses in accordance with Accounting Standard Codification 225, and has recorded the accrual in revenues on the Company’s statement of operations and in accounts receivables on the Company’s balance sheet, respectively.

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Related Party Transactions
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Jun. 30, 2012

Related Party Transactions

Note 12. Related Party Transactions

The Company leases office space and receives office services from Patriot Rail Corp. (“Patriot Rail”). When the Company entered into the lease several of our officers and directors were also officers and significant stockholders of Patriot Rail. However, in June 2012 Patriot Rail was sold to a third party and is no longer affiliated with the Company. In July 2011 the lease cost increased from $5,000 per month to $6,000 per month to include additional support services. The costs are included in General and Administrative expenses in the statement of operations, and were: $36,000 and $30,000 for the six months ended June 30, 2012 and 2011, respectively.

The Company’s directors, chief executive officer and president are currently not receiving cash compensation for their services, and no amounts have been recorded in the Company’s financial statements for the cash value of their services.

The Company’s board of directors, officers, and officers of its subsidiary directly or beneficially own 31,000 shares of the Company’s preferred stock and 1,384,409 shares of common stock as of June 30, 2012 or 2,999,107 shares, if the preferred stock is converted.

In September 2009, the Company entered into two 5-year employment agreements and one month-to-month consulting agreement with individuals who are shareholders and/or officers. The aggregate expense under these agreements for the periods ending June 30, 2012 and 2011 were approximately $14,000 and $97,500, respectively. In October 2011, the Company renegotiated the 5-year employment contract of one of the shareholders whereby the old agreement was terminated, and the Company and the employee entered into a new at-will employee agreement. On January 25, 2012, the Company accepted the resignation of one of the individuals under these agreements.

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Condensed Consolidated Statements of Operations (USD $)
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Jun. 30, 2012

Jun. 30, 2011

Jun. 30, 2012

Jun. 30, 2011

Revenues $ 973,506 $ 1,598,428 $ 1,652,693 $ 2,908,316

Cost of sales 764,798 1,183,128 1,074,017 2,166,841

Gross profit 208,708 415,300 578,676 741,475

General & administrative expenses 400,864 567,320 859,243 1,073,381

Loss from operations (192,156) (152,020) (280,567) (331,906)

Interest expense 106,356 81,261 188,413 156,206

Loss before income taxes (298,512) (233,281) (468,980) (488,112)

Income tax provision 78,580 78,580

Net loss (377,092) (233,281) (547,560) (488,112)

Dividends for the benefit of preferred stockholders:

Preferred stock dividends (95,067) (74,269) (196,951) (141,269)

Amortization of preferred stock beneficial conversion feature (38,852) (38,851) (77,704) (65,843)

Total dividends for the benefit of preferred stockholders (133,919) (113,120) (274,655) (207,112)

Net loss attributable to common stockholders $ (511,011) $ (346,401) $ (822,215) $ (695,224)

Weighted average number of common shares outstanding:

Basic and diluted 3,045,856 3,045,856 3,045,856 3,045,856

Net loss per common share, basic and diluted $ (0.12) $ (0.08) $ (0.18) $ (0.16)

Net loss attributable to common shareholders per share $ (0.17) $ (0.11) $ (0.27) $ (0.23)

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-Number 210

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-Paragraph 9

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Convertible Debentures and Preferred Stock
6 Months Ended

Jun. 30, 2012

Convertible Debentures and Preferred Stock

Note 6. Convertible Debentures and Preferred Stock

In July 2011, the Company filed a certificate of designation with the Delaware Secretary of State designating 10,000 shares of its preferred stock as Series C Preferred stock. On April 5, 2012, the Company filed an amendment to the certificate of designation authorizing an additional 10,000 shares of Series C Preferred stock. The terms of the Series C Preferred stock are substantially the same as Series A and B Preferred stock with the exception of the conversion price and the date of conversion as June 30, 2014.

The conversion price will be the closing price of the Company’s common stock on the trading date preceding the issuance of that share of Series C Preferred stock, subject to adjustment for stock dividends, stock splits and reorganizations. If the common stock is not quoted on any market or exchange, the conversion price will be determined by the Board of Directors on the date of issuance.

The Series C Preferred stock ranks senior to the common stock and pari-passu with the Series A and Series B Preferred stock of the Company as to dividends and distribution of assets upon the liquidation, dissolution or winding up of the Company.

During 2011, the Company issued 7,850 shares of its Series C Preferred stock to Banyan Rail Holdings LLC (formerly known as Patriot Rail Services Inc.). The preferred shares were issued for $100 per share, or $785,000 in the aggregate at a conversion price ranging from $1.10 to $2.06 per share of common stock. The proceeds received in 2011 were used to fund working capital requirements.

During the six months ended June 30, 2012, the Company issued 2,150 shares of its Series C Preferred stock to a significant shareholder and board member. The Preferred shares were issued for $100 per share, or $215,000 in the aggregate at a conversion price of $2.50 per share of common stock. In addition, the Company issued 4,000 shares of its Series C Preferred stock to Banyan Rail Holdings. The Preferred shares were issued for $100 per share, or $400,000 in the aggregate at a conversion price between $2.40 and $2.50 per share of common stock.

As of June 30, 2012, Banyan Rail Holdings owned 3,000, 10,000, 11,850 and 686,283 shares of Series A Preferred, Series B Preferred, Series C Preferred and common stock, respectively. If converted Banyan Rail Holdings would own 1,875,981 shares of common stock.

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Term Loan and Revolving Credit Line
6 Months Ended

Jun. 30, 2012

Term Loan and Revolving Credit Line

Note 5. Term Loan and Revolving Credit Line

As of June 30, 2012, the Company’s outstanding debt is as follows:

Term note dated March 27, 2012 in the amount of $430,000 that matures on April 15, 2017. The term note has monthly principal and interest payments of $8,445, with an interest rate of 6.66%. The note is secured by certain of the Company's equipment. $ 417,846

Term note dated May 11, 2012, in the amount of $3.0 million that matures on June 1, 2017. Principal payments of $50,000 per month plus interest. The note bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets. 3,000,000

$1.0 million line of credit for working capital dated May 11, 2012 that matures on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012), and is secured by certain of the Company’s assets. 759,790

$500,000 line of credit for capital expenditures dated May 11, 2012 that matures on June 1, 2013 at which time the amounts outstanding will convert to a term loan maturing on June 1, 2017. The line bears interest at the prime rate plus 3% or Libor (2.0% floor) plus 4.5% (6.5% as of June 30, 2012) and is secured by certain of the Company's assets. 74,069

4,251,705

Less current portion of long-term debt (675,812 )

Long-term debt $ 3,575,893

The maximum loan advances on the working capital line are based on specific percentages of eligible working capital amounts, including accounts receivable and inventory. Draws on the capital expenditures line are based on 80% of the cost of such capital expenditures.

The credit facilities contain financial covenants pertaining to fixed charges, total debt and minimum earnings before interest, taxes, depreciation and amortization (EBITDA) and are tested quarterly. As of June 30, 2012, the Company is in compliance with the financial covenants of its term loan and credit lines.

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The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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-Number 210

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Income Taxes (Tables)
6 Months Ended

Jun. 30, 2012

Provision for Income Taxes

The provision for income taxes consists of the following components:

Six months ended June 30,

2012 2011

Current $ - $ -

Deferred 78,580 -

$ 78,580 $ -

Components of Deferred Income Tax Assets and Liabilities

The components of deferred income tax assets and liabilities are as follows:

June 30, December 31,

2012 2011

Long-term deferred tax assets:

Stock compensation benefit $ 216,993 $ 216,024

Net operating loss carryforward 1,672,090 1,584,490

Total long-term deferred tax assets 1,889,083 1,800,514

Valuation allowance (490,790 ) (255,689 )

1,398,293 1,544,825

Long-term deferred tax liabilities:

Intangible assets (430,396 ) (467,818 )

Property and equipment (476,895 ) (507,425 )

Total long-term deferred tax liabilities (907,291 ) (975,243 )

Net deferred tax assets $ 491,002 $ 569,582

Schedule of Net Operating Loss

A schedule of the NOLs is as follows:

Tax Year Net operating
loss

1997 66,707

1998 184,360

1999 187,920

2000 25,095

2001 104,154

2002 15,076

2003 96,977

2004 78,293

2005 70,824

2006 48,526

2007 180,521

2008 534,087

2009 1,444,831

2010 842,251

2011 694,896

Current year taxable loss 270,135

$ 4,844,653

X

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Summary of Significant Accounting Policies (Policies)
6 Months Ended

Jun. 30, 2012

Revenue Recognition

Revenue Recognition

The Company recognizes revenue for the pick-up and disposal of used railroad ties upon the completion of the scope of work required under its contracts, which is when the Company considers amounts to be earned (evidence of an arrangement has been obtained, services are delivered, fees are fixed and determinable and collectability is reasonably assured). Accordingly, monies received or progress invoices for services for which contracts have not been completed have been recorded as deferred revenue on the balance sheet. Direct costs, including but not limited to payroll, fuel, equipment rental, transportation expense and strapping costs for contracts which have not been completed are also deferred until the related revenue process is complete.

The Company receives revenue from the processing of railroad ties into scrap tie fuel and the sale of certain scrap ties to landscapers, railroad tie users (relay) and other railroad tie processors. These revenues are recorded when the ties or derivative materials are delivered to the customer.

Use of Estimates

Use of Estimates

The preparation of financial statements, in conformity with accounting principles generally accepted in the United States, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include deferred revenue, costs incurred related to deferred revenue, the useful lives of property and equipment, and the useful lives of intangible assets.

Cash and Cash Equivalents

Cash and Cash Equivalents

The Company considers all cash, bank deposits and highly liquid investments with an original maturity of three months or less to be cash equivalents.

Accounts Receivable

Accounts Receivable

Trade accounts receivable are recorded net of an allowance for doubtful accounts. An allowance is estimated from historical performance and current market and economic conditions. Uncollectible accounts are charged to operations if write offs are deemed necessary. As of June 30, 2012 and December 31, 2011 no allowance has been provided as all accounts receivable are deemed collectible.

Under the completed contract method of revenue recognition the Company has recorded progress payments received for uncompleted contracts as deferred revenue in the amounts of $2,964,612 and $2,050,163 as of June 30, 2012 and December 31, 2011, respectively. These amounts represent billed amounts under existing contracts to be recognized as revenue upon the removal of all of each contract’s ties from the customer’s premises.

Property and Equipment

Property and Equipment

Property and equipment owned and under capital leases are carried at cost. Depreciation of property and equipment is provided using the straight line method for financial reporting purposes at rates based on the following estimated useful lives:

Years

Machinery and equipment 3-7

Track on leased properties 4

Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred.

Valuation of Long-Lived Assets

Valuation of Long-Lived Assets

The Company reviews long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In evaluating the fair value and future benefits of its assets, management performs an analysis of the anticipated undiscounted future net cash flows of the individual assets over the remaining amortization period or an appraisal of market value is obtained.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Recorded financial instruments consist of cash, accounts receivable, accounts payable, and short-term and long-term debt and lease obligations. The related fair values of these financial instruments approximated their carrying values due to either the short-term nature of these instruments or based on the interest rates currently available to the Company.

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed based on the weighted average shares outstanding during the period. Diluted earnings per share is computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. Dilutive common stock equivalent shares consist of the dilutive effect of stock options and convertible preferred stock equivalents.

Goodwill and Intangibles

Goodwill and Intangibles

Goodwill is not amortized but rather is tested at least annually for impairment. The Company assesses impairment by comparing the fair value of the goodwill with its carrying value. The determination of fair value involves significant management judgment. Impairments are expensed when incurred. For goodwill, a two-step impairment model is used. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than the carrying amount, goodwill would be considered impaired. The second step measures the goodwill impairment as the excess of the recorded goodwill over the asset’s implied fair value. During the six months ended June 30, 2012 and 2011, there were no impairments of goodwill.

Intangible assets that have finite useful lives continue to be amortized over their estimated useful lives.

Income Taxes

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Accounting for Income Taxes, as clarified by ASC 740-10, Accounting for Uncertainty in Income Taxes. Under this method, deferred income taxes are determined based on the estimated future tax effects of differences between the financial statement and tax basis of assets and liabilities given the provisions of enacted tax laws. Deferred income tax provisions and benefits are based on changes to the assets or liabilities from year to year. In providing for deferred taxes, the Company considers tax regulations of the jurisdictions in which the Company operates, estimates of future taxable income, and available tax planning strategies. If tax regulations, operating results or the ability to implement tax-planning strategies vary, adjustments to the carrying value of deferred tax assets and liabilities may be required. Valuation allowances are recorded related to deferred tax assets based on the “more likely than not” criteria of ASC 740.

ASC 740-10 requires that the Company recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the “more-likely-than-not” threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority.

Inventory

Inventory

Inventory includes the costs of material, labor and direct overhead and is stated at the lower of cost or market. Inventory is accumulated to service the landscape tie and scrap tie fuel markets. Inventory at June 30, 2012 and December 31, 2011 was approximately $307,000 and $35,000, respectively and was included in prepaid and other current assets on the balance sheets.

Retained Earnings Distributions

Retained Earnings Distributions

The Company’s preferred stockholders are entitled to receive payment before any of the common stockholders upon a liquidation of the Company. In addition, the Company is unable to pay dividends on its common stock until dividends are paid on its preferred stock.

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Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 605

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SAB TOPIC 13.B.Q1)

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-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 22

-Paragraph 8, 12, 13

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 13

-Section B

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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 11, 14

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Stock-Based Compensation
6 Months Ended

Jun. 30, 2012

Stock-Based Compensation

Note 9. Stock-Based Compensation

The Company has stock option agreements with its directors and officers for serving on the Company’s Board of Directors and as officers. The options activity is as follows:

Weighted
Average Weighted
Average Weighted
Average

Number Exercise Price Fair Value at Remaining Intrinsic

of Shares per Share Grant Date Contractual Life Value

Balance January 1, 2011 253,000 3.08 2.2 Years -

Options granted 25,000 2.06 $ 13,500 4.0 Years -

Options exercised - 0.00 -

Options expired (50,000 ) 3.18 - -

Balance, January 1, 2012 228,000 $ 2.92 2.5 years $ -

Options granted - - $ 0 -

Options exercised - - -

Options expired - - - -

Balance, June 30, 2012 228,000 $ 2.92 2.5 years $ -

Prior to June 30, 2010 the Company had not adopted a formal stock option plan. The number of options issued and the grant dates were determined at the discretion of the Company’s Board. Certain options vest at the date of grant and others vest over a one year period. The options are exercisable for periods not exceeding three to five years from the date of grant. On July 1, 2010 at its annual meeting of stockholders, the 2010 Stock Option and Award Plan was approved.

The fair values of stock options are estimated using the Black-Scholes method, which takes into account variables such as estimated volatility, expected holding period, dividend yield, and the risk free interest rate. The risk free interest rate is the five year treasury rate at the date of grant. The expected life is based on the contractual life of the options at the date of grant. With a change in management in 2008, it was determined that the Company would seek acquisitions in railroad related businesses. Accordingly, the 2011 expected volatility rate was estimated using the average volatility rates of public companies in the railroad industry. The Company uses an estimated forfeiture rate of 0% due to limited experience with historical forfeitures.

The assumptions used in the option-pricing models were as follows:

2011

Risk free interest rate 1.51 %

Expected life (years) 5

Expected volatility 26 %

Dividend yield 0

X

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

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-Name Staff Accounting Bulletin (SAB)

-Number Topic 14

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-Topic 718

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-Number 93-6

-Paragraph 53

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-Name Statement of Financial Accounting Standard (FAS)

-Number 123R

-Paragraph 64, 65, A240

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Income Taxes
6 Months Ended

Jun. 30, 2012

Income Taxes

Note 7. Income Taxes

The provision for income taxes consists of the following components:

Six months ended June 30,

2012 2011

Current $ - $ -

Deferred 78,580 -

$ 78,580 $ -

The components of deferred income tax assets and liabilities are as follows:

June 30, December 31,

2012 2011

Long-term deferred tax assets:

Stock compensation benefit $ 216,993 $ 216,024

Net operating loss carryforward 1,672,090 1,584,490

Total long-term deferred tax assets 1,889,083 1,800,514

Valuation allowance (490,790 ) (255,689 )

1,398,293 1,544,825

Long-term deferred tax liabilities:

Intangible assets (430,396 ) (467,818 )

Property and equipment (476,895 ) (507,425 )

Total long-term deferred tax liabilities (907,291 ) (975,243 )

Net deferred tax assets $ 491,002 $ 569,582

Our Federal net operating loss (“NOL”) carryforward balance as of June 30, 2012 was $4,844,653, expiring between 2012 and 2032. A schedule of the NOLs is as follows:

Tax Year Net operating
loss

1997 66,707

1998 184,360

1999 187,920

2000 25,095

2001 104,154

2002 15,076

2003 96,977

2004 78,293

2005 70,824

2006 48,526

2007 180,521

2008 534,087

2009 1,444,831

2010 842,251

2011 694,896

Current year taxable loss 270,135

$ 4,844,653

The Company's net deferred tax assets before valuation allowance as of June 30, 2012 was $981,792, most of which relates to net operating losses that expire from 2012 to 2032. The Company recorded an operating loss for the quarter and has a recent history of operating losses. After assessing the realization of the net deferred tax assets, we have recorded a valuation allowance of 50% of the value of the net deferred tax assets as we believe it more likely than not that the Company will not realize operating profits and taxable income so as to utilize all of the net operating losses in the future.

The Company is subject to income taxes in the U.S. federal jurisdiction and a number of state jurisdictions. The tax regulations within each jurisdiction are subject to interpretation of related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local examinations by tax authorities for the years before 2007.

X

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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-Name Statement of Financial Accounting Standard (FAS)

-Number 109

-Paragraph 136, 172

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-Name Accounting Standards Codification

-Topic 235

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-Paragraph 1

-Subparagraph (SX 210.4-08.(h))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

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-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph h

-Article 4

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Earnings per Share
6 Months Ended

Jun. 30, 2012

Earnings per Share

Note 8. Earnings per Share

The Company excluded from the diluted earnings per share calculation 2,125,697 and 1,444,444 shares issuable upon conversion of shares of convertible preferred stock that were outstanding at June 30, 2012 and 2011, as their inclusion would be anti-dilutive. In addition, the Company excluded 61,000 stock options as of June 30, 2012 as their inclusion would be anti-dilutive.

X

- Definition

The entire disclosure for earnings per share.

+ References

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-Topic 260

-SubTopic 10

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-Paragraph 2

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Major Customers
6 Months Ended

Jun. 30, 2012

Major Customers

Note 10. Major Customers

Revenue for the three and six months ended June 30, 2012 and 2011, and accounts receivable from customers as of June 30, 2012 and 2011 representing over 10% of revenue were as follows:

Three months ended June 30, Six months ended June 30, June 30,

2012 2011 2012 2011 2012 2011

Revenue Revenue Revenue Revenue Accounts Receivable

Company A 9.4 % 10.8 % 9.3 % 11.0 % 19.9 % 8.6 %

Company B 17.4 % 11.2 % 14.2 % 0.0 % 6.0 % 11.6 %

Company C 11.3 % 19.4 % 10.3 % 19.4 % 1.8 % 20.5 %

Company D 30.2 % 49.2 % 29.0 % 48.1 % 36.4 % 33.3 %

Company E 13.1 % 0.0 % 9.0 % 0.0 % 13.6 % 0.0 %

X

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

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-Number 107

-Paragraph 15A

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-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 21, 22, 24

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Term Loan and Revolving Credit Line - Additional Information (Detail)

Jun. 30, 2012

Line of Credit Facility [Line Items]

Percentage of the cost of capital expenditures, basis for drawing on capital expenditures line 80.00%

X

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Expenditures Percentage Before Amount Drawn From Credit Facility

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Leases (Tables)
6 Months Ended

Jun. 30, 2012

Future Minimum Rental Commitments

At June 30, 2012, the total future minimum rental commitments under all the above leases are as

follows:

For the years ending December 31,

2012 $ 99,966

2013 145,629

2014 91,035

2015 70,822

2016 23,420

Net minimum lease payments 430,872

Less amount representing interest 69,512

Present value of net minimum lease payments 361,360

Amount representing current portion (150,032 )

Capital leases payable, less current portion $ 211,328

Future Commitments under Lease Obligations for Delivered Cars

Future commitments under these obligations for delivered cars as of June 30, 2012 are as follows:

For the years ending December 31,

2012 $ 182,250

2013 171,450

2014 107,100

2015 53,550

$ 514,350

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Nature of Operations - Additional Information (Detail)

Jun. 30, 2012

Organization and Nature of Operations [Line Items]

Percentage of ownership interest, in Wood Energy 100.00%

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Stock Option Activities (Detail) (USD $)
6 Months Ended 12 Months Ended

Jun. 30, 2012

Dec. 31, 2011

Dec. 31, 2010

Number of shares

Beginning Balance 228,000 253,000

Options granted 25,000

Options exercised

Options expired (50,000)

Ending Balance 228,000 228,000 253,000

Weighted Average Exercise Price per Share

Beginning Balance $ 2.92 $ 3.08

Options granted $ 2.06

Options exercised $ 0.00

Options expired $ 3.18

Ending Balance $ 2.92 $ 2.92 $ 3.08

Weighted Average Fair Value at Grant Date

Options granted $ 0 $ 13,500

Weighted Average Remaining Contractual Life

Options granted 4 years

Weighted Average Remaining Contractual Life 2 years 6 months 2 years 6 months 2 years 73 days

Intrinsic Value

Beginning Balance

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Options expired

Ending Balance

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Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended

Jun. 30, 2012

Jun. 30, 2011

Cash flows from operating activities:

Net loss $ (547,560) $ (488,112)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation 361,907 311,523

Amortization of identifiable intangible assets 75,982 131,266

Stock compensation expense 2,768 25,758

Deferred income taxes 78,580

Amortization of deferred loan costs 30,938 25,703

Loss (gain) on sales of equipment 1,827 (9,193)

Changes in assets and liabilities:

(Increase) decrease in accounts receivable (607,875) 245,085

Increase in costs incurred related to deferred revenue (1,137,304) (471,868)

(Increase) decrease in prepaid expenses and other current assets (236,738) 74,190

Increase in other assets (20,136) (21,580)

Increase (decrease) in accounts payable and accrued expenses 175,697 (73,373)

Increase in deferred revenue 914,449 696,224

Net cash (used in) provided by operating activities (907,465) 445,623

Cash flows used in investing activities:

Acquisition of property and equipment (819,357) (500,692)

Proceeds from the sale of equipment 78,000

Net cash used in investing activities (819,357) (422,692)

Cash flows from financing activities:

Proceeds from sale of preferred stock 615,000 393,382

Payment of preferred stock dividends (172,475) (105,563)

Proceeds from long-term debt 3,430,000 337,161

Proceeds from line of credit 952,878 70,000

Payments of line of credit (892,231) (186,028)

Payment of capital leases (76,035) (45,732)

Payments of long-term debt (2,425,487) (396,017)

Net cash provided by financing activities 1,431,650 67,203

Net (decrease) increase in cash and cash equivalents (295,172) 90,134

Cash and cash equivalents, beginning of period 314,233 61,969

Cash and cash equivalents, end of period 19,061 152,103

Cash paid during the period for:

Interest 91,615 110,793

Taxes 2,300

Non cash financing activities:

Preferred stock dividend in excess of payments $ 240,699 $ 141,269

Property acquired under capital leases $ 160,738 $ 23,496

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Leases
6 Months Ended

Jun. 30, 2012

Leases

Note 4. Leases

The Company leases equipment used in its operations under capital leases that expire over two to five years. Payments under these capital leases were approximately $133,000 and $46,000 for the six months ended June 30, 2012 and 2011.

At June 30, 2012, the total future minimum rental commitments under all the above leases are as

follows:

For the years ending December 31,

2012 $ 99,966

2013 145,629

2014 91,035

2015 70,822

2016 23,420

Net minimum lease payments 430,872

Less amount representing interest 69,512

Present value of net minimum lease payments 361,360

Amount representing current portion (150,032 )

Capital leases payable, less current portion $ 211,328

The Company also had an operating lease for unimproved land in Shreveport, La, where its processing facility was located, for a two year period ended January 2012, for which the Company extended the term on a month to month basis until April 2012. Payments under this operating lease were $12,000 and $18,000 for the six months ended June 30, 2012 and 2011, respectively.

On August 29, 2011, the Company entered into a lease with a former related party for a new facility in Gibsland, La. This facility replaced the Company’s previous facility in Shreveport, La. The lease took effect in January 2012 upon the completion of development of the site. The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars per year to the leased facility at a rate of $300 per car. For the six months ended June 30, 2012, the Company made payments of approximately $132,469 under this lease.

The Company has operating leases for railcars which expire within one to three years. During the six months ended the Company entered into a new three year lease for 50 railcars, of which 21 have been delivered. The lease expires on the third anniversary date the first car was delivered to the Company. Future commitments under these obligations for delivered cars as of June 30, 2012 are as follows:

For the years ending December 31,

2012 $ 182,250

2013 171,450

2014 107,100

2015 53,550

$ 514,350

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Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)

Jun. 30, 2012

Dec. 31, 2011

Significant Accounting Policies [Line Items]

Deferred revenue $ 2,964,612 $ 2,050,163

Percentage greater than threshold of income tax benefits being realized upon settlement 50.00%

Inventory $ 307,000 $ 35,000

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Net deferred tax assets before valuation allowance 981,792

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Summary of Significant Accounting Policies (Tables)
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Jun. 30, 2012

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Convertible Debentures and Preferred Stock - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended	12 Months Ended
	Jul. 31, 2011	Jun. 30, 2012	Dec. 31, 2011	Apr. 05, 2012
Series C Preferred stock
Stockholders Equity Note [Line Items]
Preferred stock designated stock	10,000			10,000
Preferred stock conversion date	Jun. 30, 2014
Issuance of preferred stock, shares			7,850
Issuance of stock, price per share			$ 100
Issuance of preferred stock, value		$ 537,296	$ 785,000
Series C Preferred stock \| Minimum
Stockholders Equity Note [Line Items]
Convertible preferred stock, conversion price			$ 1.10
Series C Preferred stock \| Maximum
Stockholders Equity Note [Line Items]
Convertible preferred stock, conversion price			$ 2.06
Series B Preferred stock
Stockholders Equity Note [Line Items]
Issuance of preferred stock, value			393,383
Significant shareholder and board member \| Series C Preferred stock
Stockholders Equity Note [Line Items]
Issuance of preferred stock, shares		2,150
Issuance of stock, price per share		$ 100
Issuance of preferred stock, value		215,000
Convertible preferred stock, conversion price		$ 2.50
Banyan Rail Holdings LLC
Stockholders Equity Note [Line Items]
Common stock		686,283
Common shares issuable upon conversion of convertible preferred stock		1,875,981
Banyan Rail Holdings LLC \| Series C Preferred stock
Stockholders Equity Note [Line Items]
Issuance of preferred stock, shares		4,000
Issuance of stock, price per share		$ 100
Issuance of preferred stock, value		$ 400,000
Preferred stock		11,850
Banyan Rail Holdings LLC \| Series C Preferred stock \| Minimum
Stockholders Equity Note [Line Items]
Convertible preferred stock, conversion price		$ 2.40
Banyan Rail Holdings LLC \| Series C Preferred stock \| Maximum
Stockholders Equity Note [Line Items]
Convertible preferred stock, conversion price		$ 2.50
Banyan Rail Holdings LLC \| Series A Preferred stock
Stockholders Equity Note [Line Items]
Preferred stock		3,000
Banyan Rail Holdings LLC \| Series B Preferred stock
Stockholders Equity Note [Line Items]
Preferred stock		10,000

Provision for Income Taxes (Detail) (USD $)	3 Months Ended	6 Months Ended
Provision for Income Taxes (Detail) (USD $)	Jun. 30, 2012	Jun. 30, 2012	Jun. 30, 2011
Income Tax [Line Items]
Current
Deferred		78,580
Income tax provision	$ 78,580	$ 78,580

Nature of Operations	6 Months Ended
Nature of Operations	Jun. 30, 2012
Nature of Operations	Note 1. Nature of Operations Banyan Rail Services Inc. (“Banyan,” “we,” “our” or the “Company”) owns 100% of the common stock of The Wood Energy Group, Inc. (“Wood Energy”). Wood Energy engages in the business of railroad tie reclamation and disposal, principally in the south and southwest.

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	7,500,000	7,500,000
Common stock, issued	3,045,856	3,045,856
Treasury stock, shares	28,276	28,276
Series A Preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued	20,000	20,000
Series B Preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000	10,000
Preferred stock, shares issued	10,000	10,000
Series C Preferred stock
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000	20,000
Preferred stock, shares issued	14,000	7,850

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2012	Aug. 10, 2012
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q2
Trading Symbol	BARA
Entity Registrant Name	BANYAN RAIL SERVICES INC.
Entity Central Index Key	0000764897
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,045,856

Term Loan and Revolving Credit Line - Additional Information (Detail)	Jun. 30, 2012
Line of Credit Facility [Line Items]
Percentage of the cost of capital expenditures, basis for drawing on capital expenditures line	80.00%

Nature of Operations - Additional Information (Detail)	Jun. 30, 2012
Organization and Nature of Operations [Line Items]
Percentage of ownership interest, in Wood Energy	100.00%

Stock Option Activities (Detail) (USD $)	6 Months Ended	12 Months Ended
Stock Option Activities (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011	Dec. 31, 2010
Number of shares
Beginning Balance	228,000	253,000
Options granted		25,000
Options exercised
Options expired		(50,000)
Ending Balance	228,000	228,000	253,000
Weighted Average Exercise Price per Share
Beginning Balance	$ 2.92	$ 3.08
Options granted		$ 2.06
Options exercised		$ 0.00
Options expired		$ 3.18
Ending Balance	$ 2.92	$ 2.92	$ 3.08
Weighted Average Fair Value at Grant Date
Options granted	$ 0	$ 13,500
Weighted Average Remaining Contractual Life
Options granted		4 years
Weighted Average Remaining Contractual Life	2 years 6 months	2 years 6 months	2 years 73 days
Intrinsic Value
Beginning Balance
Options granted
Options exercised
Options expired
Ending Balance

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	Jun. 30, 2012	Dec. 31, 2011
Significant Accounting Policies [Line Items]
Deferred revenue	$ 2,964,612	$ 2,050,163
Percentage greater than threshold of income tax benefits being realized upon settlement	50.00%
Inventory	$ 307,000	$ 35,000

Income Taxes - Additional Information (Detail) (USD $)	6 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Jun. 30, 2012
Income Tax [Line Items]
Operating loss ("NOL") carryforward	4,844,653
Net deferred tax assets before valuation allowance	981,792
Minimum
Income Tax [Line Items]
Operating loss carryforwards, expiration year	2012
Maximum
Income Tax [Line Items]
Operating loss carryforwards, expiration year	2032