SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
Sep. 30, 2012
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The accompanying unaudited consolidated condensed financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures are adequate to make the information not misleading. In the opinion of management, all adjustments necessary for a fair statement of the results of operations and financial position for the periods presented have been reflected as required by Regulation S-X. The results of operations for the interim period presented is not necessarily indicative of the results of operations to be expected for the year. These consolidated condensed financial statements should be read in conjunction with Amincor's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 which includes the audited consolidated or combined financial statements for the three years ended December 31, 2011. PRINCIPLES OF CONSOLIDATION The consolidated condensed financial statements include the accounts of Amincor, Inc. and all of its consolidated subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. USE OF ESTIMATES The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates include the valuation of goodwill and intangible assets, the useful lives of tangible and intangible assets, depreciation and amortization of property, plant and equipment, allowances for doubtful accounts and inventory obsolescence, estimates related to completion of contracts and loss contingencies on particular uncompleted contracts and the valuation allowance on deferred tax assets. Actual results could differ from those estimates. REVENUE RECOGNITION BPI Revenue is recognized from product sales when goods are delivered to the BPI's shipping dock, and are made available for pick-up by the customer, at which point title and risk of loss pass to the customer. Customer sales discounts are accounted for as reductions in revenues in the same period the related sales are recorded. TYREE Maintenance and repair services for several retail petroleum customers are performed under multi-year, unit price contracts ("Tyree Contracts"). Under these agreements, the customer pays a set price per contracted retail location per month and Tyree provides a defined scope of maintenance and repair services at these locations on an on-call or as scheduled basis. Revenue earned under Tyree Contracts is recognized each month at the prevailing per location unit price. Revenue from other maintenance and repair services is recognized as these services are rendered. Tyree uses the percentage-of-completion method on construction services, measured by the percentage of total costs incurred to date to estimated total costs for each contract. This method is used because management considers costs to date to be the best available measure of progress on these contracts. Provisions for estimated losses on uncompleted contracts are made in the period in which overall contract losses become probable. Changes in job performance, job conditions and estimated profitability, including those arising from final contract settlements, may result in revisions to costs and income. These revisions are recognized in the period in which it is probable that the customer will approve the variation and the amount of revenue arising from the revision can be reliably measured. An amount equal to contract costs attributable to claims is included in revenues when negotiations have reached an advance stage such that it is probable that the customer will accept the claim and the amount can be measured reliably. The asset account "Costs and estimated earnings in excess of billings on uncompleted contracts," represents revenues recognized in excess of amounts billed. The liability account, "Billings in excess of cost and estimated earnings on uncompleted contracts," represents billings in excess of revenues recognized. EQS EQS provides environmental testing for its clients that range from smaller engineering and contractors to well known petroleum companies. EQS submits an invoice with each report it distributes to its clients. Revenue is recognized as testing services are performed. AWWT AWWT provides water remediation and logistics services for its clients which include any business that produces waste water. AWWT invoices clients based on bills of lading which specify the quantity and type of water treated. Revenue is recognized as water remediation services are performed. ACCOUNTS RECEIVABLE Accounts receivable are recorded net of an allowance for doubtful accounts. The credit worthiness of customers is analyzed based on historical experience, as well as the prevailing business and economic environment. An allowance for doubtful accounts is established and determined based on management's assessments of known requirements, aging of receivables, payment history, the customer's current credit worthiness and the economic environment. Accounts are written off when significantly past due and after exhaustive efforts at collection. Recoveries of accounts receivables previously written off are recorded as income when subsequently collected. Tyree's accounts receivable for maintenance and repair services and construction contracts are recorded at the invoiced amount and do not bear interest. Tyree, BPI and EQS extend unsecured credit to customers in the ordinary course of business but mitigate the associated risks by performing credit checks and actively pursuing past due accounts. Tyree follows the practice of filing statutory "mechanics" liens on construction projects where collection problems are anticipated. MORTGAGES RECEIVABLE The mortgages receivable consist of commercial loans collateralized by property in Pelham Manor, New York. The loans were non-performing and property was in foreclosure as of September 30, 2012. The value of the mortgages is based on the fair value of the collateral. ALLOWANCE FOR LOAN LOSSES An allowance for loan losses is established as losses are estimated to have occurred through a provision for loan losses charged to operations. A loan is determined to be non-accrual when it is probable that scheduled payments of principal and interest will not be received when due according to the contractual terms of the loan agreement. When a loan is placed on non-accrual status, all accrued yet uncollected interest is reversed from income. Payments received on non-accrual loans are generally applied to the outstanding principal balance. Loans are removed from non-accrual status when management believes that the borrower will resume making the payments required by the loan agreement. INVENTORIES Inventories are stated at the lower of cost or market using the first-in, first-out method. Market is determined based on the net realizable value with appropriate consideration given to obsolescence, excessive levels and other market factors. An inventory reserve is recorded if the carrying amount of the inventory exceeds its estimated market value. PROPERTY AND EQUIPMENT Property and equipment are stated at cost and the related depreciation is computed using the straight-line method over the estimated useful lives of the respective assets. Expenditures for repairs and maintenance are charged to operations as incurred. Renewals and betterments are capitalized. Upon the sale or retirement of an asset, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is recognized in the results of operations. Leasehold improvements are amortized over the lesser of the estimated life of the asset or the lease term. GOODWILL AND INTANGIBLE ASSETS Goodwill represents the cost of acquiring a business that exceeds the net fair value ascribed to its identifiable assets and liabilities. Goodwill and indefinite-lived intangibles are not subject to amortization but are tested for impairment annually and whenever events or circumstances change, such as a significant adverse change in the economic climate that would make it more likely than not that impairment may have occurred. If the carrying value of goodwill or an indefinite-lived intangible asset exceeds its fair value, an impairment loss is recognized. On July 16, 2012, BPI was notified that Aldi, Inc. ("Aldi"), BPI's primary customer would be terminating its contract with the Company as of the end of October 2012 due to BPI's inability to meet certain pricing, cost and product offering needs. Consequently, BPI performed an impairment study and concluded that BPI's goodwill and intangible assets were fully impaired, due to the loss of this customer. Intangible assets with finite lives are recorded at cost less accumulated amortization. Finite-lived tangible assets are amortized on a straight-line basis over the expected useful lives of the respective assets. IMPAIRMENT OF LONG-LIVED ASSETS The Company evaluates the fair value of long-lived assets on an annual basis or whenever events or changes in circumstances indicate that its carrying amounts may not be recoverable. Accordingly, any impairment of value is recognized when the carrying amount of a long-lived asset exceeds its fair value. EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted earnings (loss) per share considers the potential dilution that could occur if securities or other contracts to issue common stock were exercised or could otherwise cause the issuance of common stock. Such contracts include stock options, convertible notes and convertible preferred stock, which when exercised or converted into common stock would cause the issuance of common stock that then would share in earnings (loss). Such potential additional common shares are included in the computation of diluted earnings per share. Diluted loss per share is not computed because any potential additional common shares would reduce the reported loss per share and therefore have an antidilutive effect. SHARE-BASED COMPENSATION All share-based awards are measured based on their grant date fair values and are charged to expenses over the period during which the required services are provided in exchange for the award (the vesting period). Share-based awards are subject to specific vesting conditions. Compensation cost is recognized over the vesting period based on the grant date fair value of the awards and the portion of the award that is ultimately expected to vest. GOING CONCERN The accompanying consolidated condensed financial statements have been prepared assuming the Company will continue as a going concern. The future of the Company is dependent upon its ability to generate revenues and positive cash flow from its continuing operations and raise debt and equity funds. The financial statements do not include any adjustments relating to the recoverability of the Company's assets or the payment of its liabilities in the event the Company cannot continue in existence. RECLASSIFICATIONS Certain reclassifications have been made to the prior year's consolidated condensed financial statements to conform to the current year's presentation.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2012

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The accompanying  unaudited  consolidated  condensed financial statements of the

Company  have  been  prepared  pursuant  to the  rules  and  regulations  of the

Securities and Exchange  Commission.  Certain  information and note  disclosures

normally  included in annual  financial  statements  prepared in accordance with

generally  accepted  accounting  principles  in the  United  States  of  America

("GAAP") have been condensed or omitted pursuant to those rules and regulations,

although  the Company  believes  that the  disclosures  are adequate to make the

information  not  misleading.  In the  opinion of  management,  all  adjustments

necessary  for a fair  statement  of the  results of  operations  and  financial

position for the periods presented have been reflected as required by Regulation

S-X.  The  results  of  operations  for  the  interim  period  presented  is not

necessarily indicative of the results of operations to be expected for the year.

These consolidated  condensed financial statements should be read in conjunction

with Amincor's Annual Report on Form 10-K for the fiscal year ended December 31,

2011 which includes the audited  consolidated or combined  financial  statements

for the three years ended December 31, 2011.

PRINCIPLES OF CONSOLIDATION

The consolidated condensed financial statements include the accounts of Amincor,

Inc. and all of its consolidated  subsidiaries.  All  intercompany  balances and

transactions have been eliminated in consolidation.

USE OF ESTIMATES

The  preparation  of  financial  statements  in  conformity  with GAAP  requires

management to make estimates and assumptions  that affect the reported amount of

assets and liabilities  and the disclosure of contingent  assets and liabilities

at the date of the financial  statements,  and the reported  amounts of revenues

and expenses during the reporting  periods.  Significant  estimates  include the

valuation of goodwill and  intangible  assets,  the useful lives of tangible and

intangible  assets,   depreciation  and  amortization  of  property,  plant  and

equipment,   allowances  for  doubtful  accounts  and  inventory   obsolescence,

estimates  related  to  completion  of  contracts  and  loss   contingencies  on

particular  uncompleted  contracts and the  valuation  allowance on deferred tax

assets. Actual results could differ from those estimates.

REVENUE RECOGNITION

BPI

Revenue is  recognized  from product sales when goods are delivered to the BPI's

shipping  dock,  and are made  available for pick-up by the  customer,  at which

point title and risk of loss pass to the customer.  Customer sales discounts are

accounted for as reductions in revenues in the same period the related sales are

recorded.

TYREE

Maintenance  and repair  services for several  retail  petroleum  customers  are

performed under  multi-year,  unit price contracts  ("Tyree  Contracts").  Under

these  agreements,  the customer pays a set price per contracted retail location

per month and Tyree provides a defined scope of maintenance  and repair services

at these  locations on an on-call or as scheduled  basis.  Revenue  earned under

Tyree  Contracts is recognized  each month at the  prevailing  per location unit

price. Revenue from other maintenance and repair services is recognized as these

services are rendered.

Tyree  uses  the  percentage-of-completion   method  on  construction  services,

measured by the  percentage of total costs  incurred to date to estimated  total

costs for each contract.  This method is used because management considers costs

to date to be the best available measure of progress on these contracts.

Provisions for estimated losses on uncompleted  contracts are made in the period

in which overall  contract losses become  probable.  Changes in job performance,

job conditions and estimated  profitability,  including those arising from final

contract  settlements,  may  result  in  revisions  to costs and  income.  These

revisions are recognized in the period in which it is probable that the customer

will approve the variation  and the amount of revenue  arising from the revision

can be reliably  measured.  An amount equal to contract  costs  attributable  to

claims is included in revenues when  negotiations  have reached an advance stage

such that it is probable  that the customer will accept the claim and the amount

can be measured reliably.

The asset  account  "Costs  and  estimated  earnings  in excess of  billings  on

uncompleted  contracts,"  represents  revenues  recognized  in excess of amounts

billed.

The liability  account,  "Billings in excess of cost and  estimated  earnings on

uncompleted contracts," represents billings in excess of revenues recognized.

EQS

EQS  provides  environmental  testing  for its clients  that range from  smaller

engineering and contractors to well known  petroleum  companies.  EQS submits an

invoice with each report it distributes to its clients. Revenue is recognized as

testing services are performed.

AWWT

AWWT provides  water  remediation  and logistics  services for its clients which

include any business that produces waste water.  AWWT invoices  clients based on

bills of lading which specify the quantity and type of water treated. Revenue is

recognized as water remediation services are performed.

ACCOUNTS RECEIVABLE

Accounts receivable are recorded net of an allowance for doubtful accounts.  The

credit  worthiness of customers is analyzed based on historical  experience,  as

well as the  prevailing  business and  economic  environment.  An allowance  for

doubtful   accounts  is  established   and  determined   based  on  management's

assessments of known requirements,  aging of receivables,  payment history,  the

customer's current credit worthiness and the economic environment.  Accounts are

written  off  when  significantly  past  due and  after  exhaustive  efforts  at

collection.  Recoveries  of  accounts  receivables  previously  written  off are

recorded as income when subsequently collected.

Tyree's accounts receivable for maintenance and repair services and construction

contracts are recorded at the invoiced  amount and do not bear interest.  Tyree,

BPI and EQS extend  unsecured  credit to  customers  in the  ordinary  course of

business but mitigate  the  associated  risks by  performing  credit  checks and

actively  pursuing  past due  accounts.  Tyree  follows  the  practice of filing

statutory  "mechanics" liens on construction  projects where collection problems

are anticipated.

MORTGAGES RECEIVABLE

The mortgages  receivable consist of commercial loans collateralized by property

in Pelham Manor,  New York.  The loans were  non-performing  and property was in

foreclosure as of September 30, 2012. The value of the mortgages is based on the

fair value of the collateral.

ALLOWANCE FOR LOAN LOSSES

An  allowance  for loan losses is  established  as losses are  estimated to have

occurred  through a provision for loan losses charged to  operations.  A loan is

determined  to be  non-accrual  when it is probable that  scheduled  payments of

principal  and  interest  will  not  be  received  when  due  according  to  the

contractual  terms of the loan  agreement.  When a loan is placed on non-accrual

status, all accrued yet uncollected  interest is reversed from income.  Payments

received on non-accrual loans are generally applied to the outstanding principal

balance. Loans are removed from non-accrual status when management believes that

the borrower will resume making the payments required by the loan agreement.

INVENTORIES

Inventories  are  stated  at the lower of cost or  market  using  the  first-in,

first-out  method.  Market is determined  based on the net realizable value with

appropriate  consideration  given to  obsolescence,  excessive  levels and other

market factors.  An inventory  reserve is recorded if the carrying amount of the

inventory exceeds its estimated market value.

PROPERTY AND EQUIPMENT

Property  and  equipment  are  stated at cost and the  related  depreciation  is

computed using the  straight-line  method over the estimated useful lives of the

respective  assets.  Expenditures  for  repairs and  maintenance  are charged to

operations as incurred. Renewals and betterments are capitalized.  Upon the sale

or retirement of an asset,  the related costs and accumulated  depreciation  are

removed from the accounts and any gain or loss is  recognized  in the results of

operations.

Leasehold  improvements  are amortized  over the lesser of the estimated life of

the asset or the lease term.

GOODWILL AND INTANGIBLE ASSETS

Goodwill  represents  the cost of acquiring a business that exceeds the net fair

value  ascribed  to  its  identifiable  assets  and  liabilities.  Goodwill  and

indefinite-lived  intangibles are not subject to amortization but are tested for

impairment  annually  and whenever  events or  circumstances  change,  such as a

significant  adverse  change in the  economic  climate  that  would make it more

likely than not that  impairment  may have  occurred.  If the carrying  value of

goodwill or an  indefinite-lived  intangible  asset  exceeds its fair value,  an

impairment loss is recognized.

On July 16, 2012,  BPI was notified  that Aldi,  Inc.  ("Aldi"),  BPI's  primary

customer  would be  terminating  its contract  with the Company as of the end of

October 2012 due to BPI's  inability to meet certain  pricing,  cost and product

offering needs.  Consequently,  BPI performed an impairment  study and concluded

that BPI's goodwill and intangible  assets were fully impaired,  due to the loss

of this customer.

Intangible  assets  with  finite  lives are  recorded  at cost less  accumulated

amortization.  Finite-lived  tangible  assets are  amortized on a  straight-line

basis over the expected useful lives of the respective assets.

IMPAIRMENT OF LONG-LIVED ASSETS

The Company  evaluates the fair value of long-lived assets on an annual basis or

whenever events or changes in  circumstances  indicate that its carrying amounts

may not be recoverable.  Accordingly, any impairment of value is recognized when

the carrying amount of a long-lived asset exceeds its fair value.

EARNINGS (LOSS) PER SHARE

Basic  earnings  (loss) per share is  computed  by  dividing  net income  (loss)

available to common stockholders by the weighted-average number of common shares

outstanding  for the period.  Diluted  earnings  (loss) per share  considers the

potential  dilution that could occur if  securities or other  contracts to issue

common  stock were  exercised  or could  otherwise  cause the issuance of common

stock. Such contracts  include stock options,  convertible notes and convertible

preferred stock, which when exercised or converted into common stock would cause

the  issuance of common  stock that then would share in  earnings  (loss).  Such

potential  additional  common shares are included in the  computation of diluted

earnings per share. Diluted loss per share is not computed because any potential

additional  common shares would reduce the reported loss per share and therefore

have an antidilutive effect.

SHARE-BASED COMPENSATION

All  share-based  awards are measured  based on their grant date fair values and

are charged to expenses over the period  during which the required  services are

provided in exchange for the award (the vesting period).  Share-based awards are

subject to specific vesting conditions. Compensation cost is recognized over the

vesting  period based on the grant date fair value of the awards and the portion

of the award that is ultimately expected to vest.

GOING CONCERN

The accompanying  consolidated condensed financial statements have been prepared

assuming the Company will continue as a going concern. The future of the Company

is dependent  upon its ability to generate  revenues and positive cash flow from

its  continuing  operations  and raise  debt and  equity  funds.  The  financial

statements do not include any adjustments  relating to the recoverability of the

Company's  assets or the  payment of its  liabilities  in the event the  Company

cannot continue in existence.

RECLASSIFICATIONS

Certain  reclassifications  have  been  made to the  prior  year's  consolidated

condensed financial statements to conform to the current year's presentation.

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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