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Note 8 - Capital Lease Obligations | 12 Months Ended
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Dec. 31, 2012
Leases [Abstract] |
Capital Lease Obligations | NOTE 8 — Capital Lease Obligations The Company leases certain of its equipment under capital leases. The leases are collateralized by the underlying assets. At December 31, 2012 and 2011, property and equipment with a cost of $73,275 and $49,962 were subject to such financing arrangements. Related accumulated amortization at December 31, 2012 and 2011 amounted to $8,380 and $31,226, respectively. Future minimum payments under capital lease and equipment financing arrangements as of December 31, 2012, are as follows:
Annual minimum payments: |  | Amount
2013 |  |  | 20,250 |
2014 |  |  | 20,249 |
2015 |  |  | 20,249 |
2016 |  |  | 10,125 |
Total minimum payments |  |  | 70,873 |
Less amount representing interest |  |  | (5,978 | )
Present value of net minimum payments |  | $ | 64,895 |
Short term portion of capital leases |  |  | (17,400 | )
Long term portion of capital leases |  | $ | 47,495 |

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- Definition The entire disclosure for capital leasing arrangements including, but not limited to, 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6455398&loc=d3e45280-112737 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6452660&loc=d3e36991-112694 + Details
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