Capital Lease Obligation

3 Months Ended

Mar. 31, 2013

Capital Lease Obligations [Abstract]

NOTE 9 - CAPITAL LEASE OBLIGATIONS

In 2011, the Company 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 are 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
2014	$	360,029
2015		58,770
Total minimum lease payment		418,799
Less: amount representing interest		(42,071	)
Less: security deposit due		(75,871	)
Present value of net minimum lease payment		300,857
Less: current portion		(255,125	)
Long-term portion	$	45,732