Annual report pursuant to section 13 and 15(d)

CAPITAL LEASES

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CAPITAL LEASES
 12 Months Ended
Sep. 30, 2011
CAPITAL LEASES
6.
CAPITAL LEASES

At September 30, 2011, the Company was a party to one capital lease for communications equipment acquired during the year ended September 30, 2008 with a cost basis of $255,603.  This lease has a term of 48 months and an imputed interest rate of 3.6%. This capital lease is secured by the underlying equipment.  Equipment acquired under this capital lease is being depreciated over their estimated lives of four years.

Future minimum lease payments due under the capital lease agreements are as follows for the years ended September 30:

2012
   $ 37,416  
2013
     -  
2014
        
2015
     -  
Thereafter
     -  
Total minimum lease payments
     37,416  
Less imputed interest
     (424 )
Present value of minimum lease payments
     36,992  
Less: current maturities of capital lease obligations
     36,992  
Noncurrent maturities of capital lease obligations
   $ -