3. Property and Equipment

12 Months Ended

Mar. 31, 2014

Property, Plant and Equipment

3. Property and Equipment

Note 3. Property and Equipment {verbose}

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Property and equipment consist of the following at March 31, 2014:

	IFC		Morris			Smith			Total
Land, Buildings and Improvements	$	-	$	1,969		$	15,797		$	17,766
Tractors and Trailers		-		3,274,557			2,887,513			6,162,070
Vehicles		-		29,934			106,407			136,341
Furniture, Fixtures and Equipment		-		221,828			284,625			509,453
Less: accumulated depreciation		-		(1,742,790	)		(3,117,801	)		(4,860,591	)
Total	$	-	$	1,785,498		$	176,541		$	1,962,039

Depreciation expense totaled $926,622 for the year ended March 31, 2014.

Property and equipment consist of the following at March 31, 2013:

	IFC		Morris			Smith			Total
Land, Buildings and Improvements	$	-	$	1,969		$	15,797		$	17,766
Tractors and Trailers		-		4,366,574			2,913,883			7,280,457
Vehicles		-		29,934			106,407			136,341
Furniture, Fixtures and Equipment		-		221,828			277,079			498,907
Less: accumulated depreciation		-		(2,078,677	)		(2,997,599	)		(5,076,276	)
Total	$	-	$	2,541,628		$	315,567		$	2,857,195

Depreciation expense totaled $1,137,323 for the year ended March 31, 2013.

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