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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events
Note 13. Subsequent Events

In October 2011, the Company renegotiated the 5-year employment contract of one of the shareholders whereby the old agreement was terminated and the Company and the employee entered into a new at-will employee agreement.

During the quarter ended September 30, 2011, the Company entered into a future lease with a related party for a new facility in Gibsland, La.  This facility will replace the Company’s current facility in Shreveport, La.   The lease will take effect when the site is completed and the Company takes possession.  The Company will have annual rental payments of $10,000 per year and an additional commitment of 1,200 railcars per year to the leased facility at a rate of $300 per car.

On October 31, 2011, the Company issued 1,000 shares of its series C Preferred shares to Patriot Rail Services. The preferred shares were issued for $100 per share, or $100,000 in the aggregate at a conversion price of $2.00 per share of common stock.  The proceeds of the money received were used to fund working capital requirements.