EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE 6 – EQUIPMENT

The following is a summary of this category:

	December 31, 2011			December 31, 2010

Machinery and equipment	$	528,720		$	160,150
Vehicles		60,927			47,427
Leasehold improvements		37,076			23,789
Office equipment		3,334			3,334
Subtotal		630,057			234,700
Less: Accumulated depreciation		(109,715	)		(69,052	)
Total	$	520,342		$	165,648

The useful life for leasehold improvements is the duration of the lease on the IFL fuel terminal, through September 30, 2013. Machinery and equipment, consisting primarily of oil field assets (see Note 10), has a useful life of seven years, vehicles’ useful life is five years and office equipment is being depreciated over three years.

- 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

ADINO ENERGY CORP 10-K