Note 2. Property, Plant And Equipment.

3 Months Ended

Jun. 30, 2012

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			June 30, 2012			March 31, 2012
Land		-		$	1,914,808		$	1,914,808
Office buildings & warehouses	10	-	40		729,690			729,690
Improvements	20	-	40		628,049			628,049
Dock	20	-	40		3,675,065			3,675,065
Tanks, racks and piping	20	-	40		10,217,435			9,696,197
Equipment		5			26,158			16,119
Office equipment, software, packaging equipment & tools	5	-	7		408,993			408,993
Construction in process					2,372,458			1,053,052
Total property, plant and equipment					19,972,656			18,121,973
Less: accumulated depreciation					(1,851,977	)		(1,648,299	)
Property, plant and equipment, net				$	18,120,679		$	16,473,674

Construction in process projects as of March 31, 2012 consisted of modifications to tanks and piping related to customer contracts and construction of a new storage tank at our Brunswick Terminal. The tank modifications and piping work were completed and capitalized as of June 30, 2012, with the new storage tank construction continuing. Current construction in process projects also include construction of two new storage tanks at our Westwego Terminal and various other projects. These projects are scheduled to be completed within the coming months.

During the three-month period ended June 30, 2012, the Company capitalized approximately $30,800 of interest expense related to construction in process projects. 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 that time. The difference in the amount of interest capitalized between the 2012 and 2011 three-month periods is due to an increase in the amount of projects under construction.

Depreciation expenses related to property, plant and equipment totaled $203,678 for the three-month period ended June 30, 2012 and $155,296 for the three-month period ended June 30, 2011.

- 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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