Capital Leases

6 Months Ended

Jun. 30, 2013

Leases, Capital [Abstract]

Capital Leases

Note 4. Capital Leases

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 June 30, 2013 was approximately $22,000.  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 June 30, 2013 was $1,000.

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 ($49,906), is included in the consolidated balance sheets as property, plant and equipment.  Accumulated amortization of the leased equipment at June 30, 2013 was approximately €22,000 ($28,622).  The capital lease is in the amount of €41,256 ($53,674) including interest of €2,896 ($3,768) (implicit interest rate 4.786%).  The lease term is 36 months with equal monthly installments of €1,146 ($1,491).  The net present value of the lease at June 30, 2013 was €15,574 ($20,000).