Property and equipment

3 Months Ended

Mar. 31, 2012

Note 5 – Property and equipment

Property and equipment are recorded at cost. Repairs and maintenance costs are expensed as incurred. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of property and equipment. Land is not depreciated. At March 31, 2012 and December 31, 2011, property and equipment consisted of the following:

	March 31,			December 31,
	2012			2011			Estimated useful life
Land	$	10,680,000		$	10,680,000
Building		24,505,574			24,505,574		39 years
Machinery and equipment		3,248,088			3,231,920		3-7 years
Furniture and fixtures		5,850,044			5,836,744		7 years
Leasehold improvements		98,623			99,243		Shorter of estimated useful life or term of lease
	$	44,382,329		$	44,353,481
Accumulated depreciation		(7,995,333	)		(7,639,903	)
Total	$	36,386,996		$	36,713,578

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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