PROJECT ASSETS

12 Months Ended

Dec. 31, 2014

Inventory Disclosure [Abstract]

PROJECT ASSETS

NOTE 5 - PROJECT ASSETS

Project assets consisted of the following as of:

	December 31
	2013		2012
Co-generation equipment	$	6,126,191	$	6,214,687
less: accumulated depreciation		1,244,001		926,274
	$	4,882,190	$	5,288,413

Depreciation expense for project assets for the years ended December 31, 2013 and 2012 was $343,410, and $346,512 respectively.  These amounts are included in cost of goods sold in the statements of operations.

During the years ended December 31, 2013, and December 31, 2012 the Company recognized impairment expense on co-generation equipment of $0, and $414,783 respectively.  The impairment was recognized due to the termination of the energy service contract related to the co-generation equipment in the Centerside location.

During the year ended December 31, 2013, the Company sold the co-generation equipment in the 50 Beale Street location to a third party for $2 million with an initial payment of $463,250.  The buyer issued a note on the remaining amount of $1,536,750 which is subject to annual interest of 3% and required quarterly payments of $11,526 beginning on May 1, 2014 and will continue for an additional 20 quarters at which time the balance shall be due and payable. In accordance with ASC605-10-25, the Company recognized revenue on the sale in accordance with the cost recovery method.   As such, only the excess of the initial payment over the net book value of the asset of $196,261 was recognized into income during the year ended December 31, 2013.  No profit is recognized on the principal and interest due to the Company until cash payments are received from the buyer.