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Capital Leases
9 Months Ended
Sep. 30, 2012
Leases, Capital [Abstract]  
Capital Leases

Note 4. Capital Leases


On March 13, 2008, the Company entered into a financial lease agreement with Toyota Financial Services for a forklift. The cost of the equipment under the capital lease, in the amount of $26,527, is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2012 was approximately $19,000. The capital lease, which was scheduled to mature in February 2013, was paid off in September 2012.


On August 1, 2010, the Company entered into a financial lease agreement with Dell Financial Services for new computer servers. The cost of the equipment under the capital lease, in the amount of $19,093, is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2012 was approximately $17,000. The capital lease is in the amount of $20,698 including interest of $1,605 (implicit interest rate 5.3%). The lease term is 36 months with equal monthly installments of $575. The net present value of the lease at September 30, 2012 was $6,000.


On September 4, 2011, TPT entered into a financial lease agreement with Diependael Leasing, BV for equipment related to the production of ALUPREM. The cost of the equipment under the capital lease, in the amount of €38,360, is included in the consolidated balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2012 was approximately €13,000. The capital lease is in the amount of €41,256 including interest of €2,896 (implicit interest rate 4.786%). The lease term is 36 months with equal monthly installments of €1,146. The net present value of the lease at September 30, 2012 was €28,250 ($32,000).


On February 5, 2012, TPT entered into a financial lease agreement with Sympatec GmbH for lab equipment. The cost of the equipment under the capital lease, in the amount of €52,128, is included in the consolidated and condensed balance sheets as property, plant and equipment. Accumulated amortization of the leased equipment at September 30, 2012 was approximately €4,000. The capital lease is in the amount of €56,988 including interest of €4,860 (implicit interest rate 16.785%). The lease term is 12 months with equal monthly installments of €4,749. The net present value of the lease at September 30, 2012 was €35,708 ($29,000).