Property, Plant and Equipment:

12 Months Ended

Dec. 31, 2011

Note 7. Property, Plant and Equipment:

				Accumulated
		Cost		Depreciation		Net
December 31, 2011
Machinery and equipment	$	18,985,828	$	–	$	18,985,828
Furniture and office equipment		517,235		(463,066)		54,169
Leasehold improvements		41,190		(40,727)		463
Venezuelan property and equipment		1,415,972		(1,330,806)		85,166
	$	20,960,225	$	(1,834,599)	$	19,125,626

				Accumulated
		Cost		Depreciation		Net
December 31, 2010
Machinery and equipment	$	28,071,469	$	–	$	28,071,469
Furniture and office equipment		506,339		(435,224)		71,115
Leasehold improvements		41,190		(38,874)		2,316
Venezuelan property and equipment		1,595,957		(1,237,527)		358,430
	$	30,214,955	$	(1,711,625)	$	28,503,330

Machinery and equipment includes amounts paid for equipment previously intended for use on the Brisas project. At December 31, 2011 equipment with a carrying value of approximately $0.45 million was reclassified to assets held for sale and sold during the first quarter of 2012 for its carrying value. During the third quarter of 2011, equipment with a carrying value of approximately $6.9 million was sold for $7.8 million and the Company recorded a gain on sale of $0.9 million. Equipment classified as assets held for sale at December 31, 2010 was sold during the first quarter of 2011 for $8.3 million and the Company recorded a gain on sale of $0.3 million.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References+ Details