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Note 5. Gain and Loss on Disposal of Assets.
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3 Months Ended | ||
|---|---|---|---|
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Jun. 30, 2011
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| Assets Disposed of by Method Other than Sale, in Period of Disposition [Table Text Block] |
On
April 14, 2011 the Company entered into an agreement with
River Construction to transfer the Company’s barge
dock and related equipment to the vendor in exchange for
$115,000 to be offset against amounts currently owed by
the Company to River Construction. As a
result, the Company recorded a loss of $362,110 on the
disposal of assets. William Weidner, who was
recently appointed to the Company’s Board of
Directors and is nominated for election to the
Company’s Board of Directors, is the owner of River
Construction.
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