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NOTE 6 Capital Lease Obligations

12 Months Ended

Dec. 31, 2011

NOTE 6 — Capital Lease Obligations

The Company leases certain of its equipment under capital leases. The leases are collateralized by the underlying assets. At December 31, 2011 and 2010, property and equipment with a cost of $49,962 were subject to such financing arrangements. Related accumulated amortization at December 31, 2011 and 2010 amounted to $31,226 and $18,736, respectively.

Future minimum payments under capital lease and equipment financing arrangements as of December 31, 2011, are as follows:

Annual minimum payments:	Amount
2012		14,622
2013		4,875
Total minimum payments		19,497
Less amount representing interest		(805	)
Present value of net minimum payments	$	18,692
Short term portion of capital leases		(13,878	)
Long term portion of capital leases	$	4,814

- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

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