Property and equipment

6 Months Ended

Sep. 30, 2011

Notes to Financial Statements

Property and equipment

Property and equipment consist of the following at September 30, 2011:
											Cross
		IFC			Morris			Smith			Creek			Total
Land, Buildings and Improvements	$	—		$	1,969		$	443,296		$	483,859		$	929,124
Tractors and Trailers		1,516,246			6,056,983			3,344,301			7,165,049			18,082,579
Vehicles		46,472			64,280			114,407			144,437			369,596
Furniture, Fixtures and Equipment		68,610			221,828			320,949			200,647			812,034
Less: accumulated depreciation		(822,829	)		(3,410,673	)		(3,338,232	)		(342,962	)		(7,914,696	)
Total	$	808,499		$	2,934,387		$	884,721		$	7,651,030		$	12,278,637

 Depreciation expense totaled $1,039,876 for the six months ended September 30, 2011.

Property and equipment consist of the following at March 31, 2011:

	IFC			Morris			Smith			Consolidated
Buildings	$	—		$	1,969		$	809,266		$	811,235
Tractors and Trailers		—			5,498,173			5,144,477			10,642,650
Vehicles		46,472			64,280			114,406			225,158
Furniture, Fixtures and Equipment		68,610			221,828			298,566			589,004
Less: accumulated depreciation		(27,792	)		(3,529,092	)		(4,570,095	)		(8,126,979	)
Total	$	87,290		$	2,257,158		$	1,796,620		$	4,141,068

Depreciation expense totaled $1,405,181 for the year ended March 31, 2011.