Note 2. Property, Plant and Equipment

6 Months Ended

Sep. 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	September 30, 2011			March 31, 2011
Land		$	1,313,947		$	1,313,947
Office buildings & warehouses	40		605,599			339,784
Improvements	40		539,622			539,622
Dock	40		3,674,191			4,228,648
Tanks, racks and piping	40		7,553,666			7,455,192
Equipment	5		15,346			15,346
Office equipment, software, packaging equipment & tools	5 - 7		337,996			337,996
Construction in process			472,286			365,713
Total property, plant and equipment			14,512,653			14,596,248
Less: accumulated depreciation			(1,285,714	)		(1,053,363	)
Property, plant and equipment, net		$	13,226,939		$	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 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.

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 classified in the office buildings and warehouses category. These projects were complete and capitalized as of September 30, 2011. Current construction in process projects include modifications to tanks and piping related to customer contracts. These projects are scheduled to be completed within the coming months.

During the six-month period ended September 30, 2011, the Company capitalized approximately $31,300 of interest expense related to construction in process projects. During the six-month period ended September 30, 2010, the Company capitalized approximately $178,200 of interest expense related to construction in process projects during that time. The difference between the 2011 and 2010 six months period is due to the decrease in the amount of projects under construction.

Depreciation expenses related to property, plant and equipment totaled $309,698 for the six-month period ended September 30, 2011 and $252,299 for the six-month period ended September 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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