Capital leases Payable

3 Months Ended

Mar. 31, 2013

Debt Disclosure [Abstract]

Capital leases Payable

NOTE 7 - CAPITAL LEASES PAYABLE

In August, 2007, the Company entered into capital lease agreements on 3 vehicles for management purposes. The maturity of the lease is 60 months and is denominated in CHF. Installments and interest is due on a monthly basis. In December, 2007, the Company entered into additional capital lease agreements on 2 vehicles for management purposes. The maturity of the lease is 72 months and is denominated in CHF. Installments and interest is due on a monthly basis.

In December 2008, the Company settled the capital lease agreements on 2 vehicles and replaced them with new agreements for additional 2 vehicles, totaling 5 capital lease agreements at December 31, 2008. The maturity of the new leases varies from 60 to 72 months and are denominated in EUR and CHF. Installments and interests are due on a monthly basis.

In 2011 and later in September 2012, the Company closed a capital lease agreement for two vehicles. The related assets have been sold.

The following is a schedule by years of future minimum lease payments under capital leases together with the present value of the net minimum lease payments as of March 31, 2013:

For the period ending March 31, 2013	Amounts
2013		52,701
2014		55,194
2015		17,305
Total minimum lease payments		125,200
Less: amounts representing interest		9,619
Present value of net minimum lease payments		115,581
Less: current portion		47,923
Long term liability	$	67,658