Capital Lease Obligations

3 Months Ended

Mar. 31, 2012

Capital Lease Obligations [Abstract]

NOTE 8 - 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:

Twelve-month periods ending March 31,	Amount
2012	$	402,359
2013		357,576
2014		58,369
Total minimum lease payments		818,304
Less: amount representing interest		(133,687	)
Less: security deposit due		(138,495	)
Present value of net minimum lease payment		546,122
Less: current portion		(247,315	)
Long-term portion	$	298,807