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Note 5. Gain and Loss on Disposal of Assets
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9 Months Ended |
|---|---|
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Dec. 31, 2011
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| Assets Disposed of by Method Other than Sale, in Period of Disposition [Table Text Block] |
5.
GAIN
AND LOSS ON DISPOSAL OF ASSETS.
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, $122,500
in accounts payable owing to River Construction as of
December 31, 2011 is reported as an accounts payable related
party in the Company’s consolidated balance
sheet.
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