Capital Lease Obligations

9 Months Ended

Sep. 30, 2011

Capital Lease Obligations [Abstract]

NOTE 12 - CAPITAL LEASE OBLIGATIONS

The Company has entered into a non-cancelable capital lease agreement with expiration date of June 3, 2014. The asset and liability under the capital lease are recorded at the lower of the present value of the minimum lease payments or the fair value of the asset. Currently, the capital leased equipment is being installed and no provision for depreciation is made on the equipment until the equipment is ready for its intended use. The asset and future obligations related to the capital lease included in the accompanying consolidated balance sheets in property and equipment and capital lease obligations, respectively.

Minimum future lease payments under the capital lease are as follows:

12-month periods ending September 30,	Amount
2012	$	421,143
2013		375,089
2014		230,664
Total minimum lease payments		1,026,896
Less: amount representing interest		(196,489	)
Less: security deposit due		(168,324	)
Present value of net minimum lease payment		662,083
Less: current portion		242,850
Long-term portion	$	419,233