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CAPITAL LEASE OBLIGATIONS

6 Months Ended

Jun. 30, 2012

CAPITAL LEASE OBLIGATIONS

NOTE 10 – CAPITAL LEASE OBLIGATIONS

The components of capital lease obligations are as follows:

		Imputed				June 30,				December 31,
		Interest rate				2012				2011
Total capital lease obligations			6.7	%		$	3,025,078			$	3,226,300
Less: Current portion							(90,551	)			(189,742	)
Capital lease obligations, net of current portion						$	2,934,527			$	3,036,558

Interest expenses from capital lease obligations amounted to $54,024 and $65,740 for the three-month periods ended June 30, 2012 and 2011, respectively, which were charged to the income statements. Interest expenses from capital lease obligations amounted to $108,044 and $107,956 for the six-month periods ended June 30, 2012 and 2011, respectively, which were charged to the income statements.

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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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