XML 55 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
(2) Summary of Significant Accounting Policies: Property and Equipment (Policies)
12 Months Ended
Dec. 31, 2017
Policies  
Property and Equipment:

Property and Equipment:

 

Property and equipment are recorded at historical cost and depreciated on a straight-line basis over their estimated useful lives of approximately five years once the individual assets are placed in service.  The Company expenses all purchases of equipment with individual costs of under $500, and these amounts are not material to the financial statements. As of December 31, 2017, we recorded the rail cars on the balance sheet at $125,000 with no accumulated depreciation. The rail cars are currently not depreciated as they are not in service and not ready to run. The rail cars require substantial investment to retrofit. The Company expensed the carrying value of 10 rail cars as they were exchanged for unpaid storage charges. The amount written off was $629,270 as of December 31, 2017.