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CAPITAL LEASE OBLIGATIONS
9 Months Ended
Sep. 30, 2012
CAPITAL LEASE OBLIGATIONS [Abstract]  
CAPITAL LEASE OBLIGATIONS

NOTE 10 - CAPITAL LEASE OBLIGATIONS

 

The components of capital lease obligations are as follows:

 

    Imputed     September 30,     December 31,  
    Interest rate     2012     2011  
Total capital lease obligations     6.7 %   $ 3,067,808     $ 3,226,300  
Less: Current portion             (140,890 )     (189,742 )
Capital lease obligations, net of current portion           $ 2,926,918     $ 3,036,558  

 

Interest expenses from capital lease obligations amounted to $50,629 and $51,994 for the three-month periods ended September 30, 2012 and 2011, respectively, which were charged to the income statements. Interest expenses from capital lease obligations amounted to $158,673 and $159,950 for the nine-month periods ended September 30, 2012 and 2011, respectively, which were charged to the income statements.