DEFERRED LOAN COSTS

3 Months Ended

Jun. 30, 2011

DEFERRED LOAN COSTS

DEFERRED LOAN COSTS

NOTE 6 - DEFERRED LOAN COSTS

Deferred charges represent the capitalization of costs incurred in connection with obtaining bank loans.  These costs are being amortized on a straight-line basis over the term of the related debt obligation.  Deferred loan costs, net of amortization as of:

	June 30, 2011			March 31, 2011
Beginning balance	$	181,141		$	87,640
Deferred loan costs related to new loans		--			171,211
Deferred loan costs, net of amortization related to prepayment of debt		--			(68,188	)
Amortization		(5,947	)		(9,522	)
Ending balance	$	175,194		$	181,141