Note 2. Property, Plant and Equipment

3 Months Ended

Jun. 30, 2011

Property, Plant and Equipment Disclosure [Text Block]

2.	PROPERTY, PLANT AND EQUIPMENT.

Property and equipment consisted of the following. The Estimated Useful Life figure presented in the table represents management’s determination as to the potential full useful life of the assets when new:

	Estimated Useful Life	June 30, 2011			March 31, 2011
Land		$	1,313,947		$	1,313,947
Office building & warehouses	40		339,784			339,784
Improvements	40		539,622			539,622
Dock	40		3,674,191			4,228,648
Tanks, racks and piping	40		7,455,192			7,455,192
Equipment	5		15,346			15,346
Office equipment, software, packaging equip & tools	5 - 7		337,996			337,996
Construction in process			653,369			365,713
Total property, plant and equipment			14,329,447			14,596,248
Less: accumulated depreciation			(1,131,311	)		(1,053,363	)
Property, plant and equipment, net		$	13,198,136		$	13,542,885

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.

Construction in process projects as of March 31, 2011 consisted of a customer contract storage tank and piping improvements, and a new truck loading facility. These projects were on-going as of June 30, 2011, as well as the addition of two additional customer requested projects. These projects are scheduled to be completed within the coming months. During the three-month period ended June 30, 2011, the Company capitalized approximately $16,000 of interest expense related to construction in process projects. During the three-month period ended June 30, 2010, the Company capitalized approximately $158,000 of interest expense related to construction in process projects during that time.

Depreciation expenses related to property, plant and equipment totaled approximately $155,296 for the three-month period ended June 30, 2011 and approximately $106,096 for the three-month period ended June 30, 2010.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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