Capital Lease Obligations

12 Months Ended

Dec. 31, 2011

Capital Lease Obligations [Abstract]

Capital Lease Obligations [Text Block]

NOTE 11 - 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. 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:

Years ending December 31,	Amount
2012	$	415,676
2013		369,960
2014		174,006
Total minimum lease payments		959,642
Less: amount representing interest		(174,647	)
Less: security deposit due		(159,013	)
Present value of net minimum lease payment		625,982
Less: current portion		(244,747	)
Long-term portion	$	381,235