Capital Lease Obligations

6 Months Ended

Jun. 30, 2012

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 June 30,	Amount
2013	$	394,698
2014		350,491
Total minimum lease payments		745,189
Less: amount representing interest		(114,926	)
Less: security deposit due		(127,417	)
Present value of net minimum lease payment		502,846
Less: current portion		(248,046	)
Long-term portion	$	254,800