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Operating Leases

9 Months Ended

Jun. 30, 2011

Operating Leases of Lessee Disclosure [Table Text Block]

Note 7 - Operating Leases

The Company leases two pieces of property to use as storage lots. One is leased under a seven-year agreement beginning March 1, 2007, for $4,802 based on the Consumer Price Index.

The second lot is located in Oceano and is leased at $2,933 per month. The lease has converted to a month-to-month lease; however, the lessor is considering a long-term renewal at this time.

The Company has a five-year lease obligation for a copier. Rental expense under this operating lease is $432 per month.

Future minimum lease payments under the first property lease and an obligation to lease equipment are as follows:

Year Ended June 30,
2012	$ 62,808
2013	57,624
2014	38,416
2015	-
2016	-
Thereafter	-
	$158,848

Rent expense under these agreements was $69,614 and $69,414 for the nine months ended June 30, 2011 and 2010, respectively.

- Definition

Tabular disclosure of a lessee's leasing arrangements including: (1) the basis on which contingent rental payments are determined, (2) the existence and terms of renewal or purchase options and escalation clauses, (3) restrictions imposed by lease arrangements, such as those concerning dividends, additional debt, and further leasing, (4) rent holidays, rent concessions, or leasehold improvement incentives and unusual provisions or conditions. Disclosure may also include the specific period used to amortize material leasehold improvements made at the inception of the lease or during the lease term. Additionally, for operating leases having initial or remaining noncancelable lease terms in excess of one year: (a) future minimum rental payments required as of the date of the latest balance sheet presented, in the aggregate and for each of the five succeeding fiscal years, (b) the total of minimum rentals to be received in the future under noncancelable subleases as of the date of the latest balance sheet presented, and (c) for all operating leases, rental expense for each period for which an income statement is presented, with separate amounts for minimum rentals, contingent rentals, and sublease rentals. Rental payments under leases with terms of a month or less that were not renewed need not be included.

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