Property and Equipment

9 Months Ended

Dec. 31, 2011

Notes to Financial Statements

Property and Equipment

Note 3. Property and Equipment

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

	IFC			Morris			Smith			Total
Land, Buildings and Improvements	$	-		$	1,969		$	443,266		$	445,235
Tractors and Trailers		1,516,246			6,366,919			3,258,039			11,141,204
Vehicles		46,472			64,280			114,407			225,159
Furniture, Fixtures and Equipment		68,610			221,828			320,949			611,387
Less: accumulated depreciation		(863,150	)		(3,777,165	)		(3,328,624	)		(7,968,939	)
Total	$	768,178		$	2,877,831		$	808,037		$	4,454,046

Depreciation expense totaled $1,187,910 for the nine months ended December 31, 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.