Note 5. Gain and Loss on Disposal of Assets | 6 Months Ended | ||
|---|---|---|---|
Sep. 30, 2011 | |||
| 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 is the owner of River
Construction and was elected to the Company’s Board
of Directors in September 2011. As a result,
$147,500 in accounts payable owing to River Construction as
of September 30, 2011 is reported as an accounts payable
related party in the Company’s consolidated balance
sheet.
|