Capital Lease Obligations

9 Months Ended

Sep. 30, 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 September 30,	Amount
2013	$	379,104
2014		233,133
Total minimum lease payments		612,237
Less: amount representing interest		(81,355	)
Less: security deposit due		(107,162	)
Present value of net minimum lease payment		423,720
Less: current portion		(249,597	)
Long-term portion	$	174,123