3. Property and Equipment

12 Months Ended

Mar. 31, 2012

Property, Plant and Equipment [Abstract]

3. Property and Equipment

Property and equipment consist of the following at March 31, 2012:

	IFC		Morris			Smith			Total
Land, Buildings and Improvements	$	-	$	1,969		$	-		$	1,969
Tractors and Trailers		-		5,585,142			4,758,585			10,343,727
Vehicles		-		64,280			114,407			178,687
Furniture, Fixtures and Equipment		-		221,828			320,949			542,777
Less: accumulated depreciation		-		(2,732,368	)		(3,259,113	)		(5,991,481	)
Total	$	-	$	3,140,851		$	1,934,831		$	5,075,862

Depreciation expense totaled $1,460,088 for the year ended March 31, 2012.

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

	IFC			Morris			Smith			Total
Land, Buildings and Improvements	$	-		$	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.