PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2011

3.	PROPERTY AND EQUIPMENT

Property and equipment consisted of the following as of June 30, 2011 and December 31, 2010:

	As of
	June 30,			December 31,
	2011			2010

Leasehold Improvements	$	14,178,553		$	14,113,849
Medical Equipment		10,565,581			10,167,306
Furniture, Fixtures and Office Equipment		1,320,894			1,114,439
		26,065,028			25,395,594

Accumulated Depreciation		(11,512,695	)		(10,448,812	)
Property and Equipment, net	$	14,552,333		$	14,946,782

As of June 30, 2011 and December 31, 2010, the Company had $2,081,267 of equipment cost under capital lease, with accumulated amortization of $1,994,787 and $1,926,001, respectively, resulting in net assets under capital leases of $86,480 and $155,266, 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/A