Capital Lease Obligations

3 Months Ended

Mar. 31, 2013

Capital Lease Obligations [Abstract]

Leases of Lessor Disclosure [Text Block]

Note 5. Capital Lease Obligations

The Company leases automobiles under four capital leases that expire between July 2013 and December 2015.  Aggregate future obligations under the capital leases in effect as of March 31, 2013 and December 31, 2012 are as follows:

The Company has several non-cancellable capital leases relating to automobiles:

	March 31, 2013		December 31, 2012
Current portion	$	92,981	$	96,506
Non-current portion		112,972		133,428
	$	205,953	$	229,934

At March 31, 2013 and December 31, 2012, the value of automobiles under capital leases as follows:

	March 31, 2013			December 31, 2012
Cost	$	469,754		$	469,754
Less: accumulated depreciation		(325,146	)		(302,106	)
	$	144,608		$	167,648

At March 31, 2013 and December 31, 2012, the Company had obligations under capital leases repayable as follows:

	March 31, 2013			December 31, 2012
Total minimum lease payments
- Within one year	$	99,512		$	103,890
- After one year but within 5 years		121,447			143,430
	$	220,959		$	247,320
Interest expenses relating to future periods		(15,006	)		(17,386	)
Present value of the minimum lease payments	$	205,953		$	229,934

Interest expense related to capital leases totaled $2,380 and $3,571 for the three months ended March 31, 2013 and 2012, respectively.