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CAPITAL LEASE OBLIGATION

6 Months Ended

Jun. 30, 2011

CAPITAL LEASE OBLIGATION

NOTE 9 – CAPITAL LEASE OBLIGATION

The components of capital lease obligation are as follows:

		Imputed			June 30,				December 31,
		Interest rate			2011				2010
Total capital lease obligation		6.7%			$	3,039,238			$	-
Less: Current portion						(82,847	)			-
Capital lease obligation, net of current portion					$	2,956,391			$	-

Interest expenses from capital lease obligation amounted to $65,740 and $107,956 were charged to the income statements for the three-month and six-month periods ended June 30, 2011, respectively.

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- Definition

The entire disclosure for debt and capital lease obligations can be reported. Information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

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