Note 2. Property, Plant and Equipment

9 Months Ended

Dec. 31, 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 range of the assets when new:

	Estimated Useful Life	December 31, 2011			March 31, 2011
Land	-	$	1,914,808		$	1,313,947
Office buildings & warehouses	10-40		729,690			339,784
Improvements	20-40		628,049			539,622
Dock	20-40		3,675,065			4,228,648
Tanks, racks and piping	20-40		9,555,672			7,455,192
Equipment	5		16,119			15,346
Office equipment, software, packaging equipment & tools	5 - 7		406,491			337,996
Construction in process			274,073			365,713
Total property, plant and equipment			17,199,967			14,596,248
Less: accumulated depreciation			(1,446,780	)		(1,053,363	)
Property, plant and equipment, net		$	15,753,187		$	13,542,885

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 nine-month period ended December 31, 2011, the Company capitalized $45,332 of interest expense related to construction in process projects. During the nine-month period ended December 31, 2010, the Company capitalized approximately $197,200 of interest expense related to construction in process projects during that time. The difference in the amount of interest capitalized between the 2011 and 2010 nine month periods is due to the decrease in the amount of projects under construction.

Depreciation expenses related to property, plant and equipment totaled $470,764 for the nine-month period ended December 31, 2011 and $406,699 for the nine-month period ended December 31, 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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