Annual report pursuant to section 13 and 15(d)

PLANT, PIPELINE AND EQUIPMENT

PLANT, PIPELINE AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

PLANT, PIPELINE AND EQUIPMENT [Abstract]

NOTE 7 – PLANT, PIPELINE AND EQUIPMENT

	December 31,
	2011			2010
Platinum catalyst	$	1,497,285		$	1,497,285
Land		1,422,462			727,363
Plant, pipeline and equipment		57,214,536			52,469,062
Construction in progress		489,810			10,000
Total plant, pipeline and equipment		60,624,093			54,703,710
Less accumulated depreciation		(23,671,722	)		(20,839,442	)
Net plant, pipeline and equipment	$	36,952,371		$	33,864,268

Plant, pipeline and equipment serve as collateral for a $14.0 million term loan with a domestic bank (see Note 10).

Interest capitalized for construction for 2011, 2010 and 2009 was not significant to the consolidated financial statements.

Catalyst amortization relating to the platinum catalyst which is included in cost of sales was $12,736, $12,736 and $13,122 for 2011, 2010 and 2009, respectively.

- 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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