PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2012

PROPERTY AND EQUIPMENT

Property and equipment consisted of the following:

	As of
	March 31			December 31,
	2012			2011

Leasehold Improvements	$	14,469,589		$	14,290,273
Medical Equipment		10,859,537			10,762,368
Furniture, Fixtures and Office Equipment		1,409,306			1,359,085
		26,738,432			26,411,726

Accumulated Depreciation		(13,242,888	)		(12,788,260	)

Property and Equipment, net	$	13,495,544		$	13,623,466

As of March 31, 2012, and December 31, 2011, the Company had $1,420,852 and $1,859,342 of equipment cost under capital lease, respectively, with accumulated amortization of $1,351,487 and $1,774,219, respectively, resulting in net assets under capital leases of $69,365 and $85,123, respectively. All of the Company’s assets under capital lease consisted of medical equipment.

- 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.

+ References+ Details

First Surgical Partners Inc. 10-Q