Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
12 Months Ended
Mar. 31, 2012
Notes to Financial Statements  
PROPERTY AND EQUIPMENT

 

NOTE 2 – PROPERTY AND EQUIPMENT

 

Property and equipment is stated at cost.  Depreciation on property and equipment is computed using the diminishing balance method over the estimated useful lives of the assets.  The estimated useful lives of the assets are as follows:

 

Assets Estimated useful life
Furniture and fixtures 5 Years
Machinery and equipment 5 Years
Buildings 25 Years
Vehicles 3 Years
Computers 3 Years

 

Property and equipment consisted of the following as of March 31, 2012 and 2011:

 

  2012   2011
Office Furniture and Equipment $ 258,127   $ 158,202
Service and Shop Equipment   314,875     244,754
Vehicles   251,107     203,632
Land and Buildings   1,721,564     479,211
Total Property and Equipment   2,545,673     1,085,799
Accumulated Depreciation   (563,383)     (375,339)
Net Property and Equipment $ 1,982,290   $ 710,460

 

Depreciation expense for the years ended March 31, 2012 and 2011 are as follows:

 

  Years Ended March 31,
  2012   2011
Cost of goods sold $ 39,286   $ 18,007
General and administrative   159,421     73,017
Total $ 198,707   $ 91,024