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10-K - FORM 10-K - West Texas Resources, Inc.wtxr_10k-093012.htm
EX-14 - CODE OF ETHICS - West Texas Resources, Inc.wtxr_10k-ex1401.htm
EX-31.2 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3102.htm
EX-31.1 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3101.htm
EXCEL - IDEA: XBRL DOCUMENT - West Texas Resources, Inc.Financial_Report.xls
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EX-32.1 - CERTIFICATION - West Texas Resources, Inc.wtxr_10k-ex3201.htm
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3. Equipment
12 Months Ended
Sep. 30, 2012
Property, Plant and Equipment [Abstract]  
3. Equipment

In August 2011, the Company purchased a water truck for $35,759 cash. In October 2011, the Company's water truck was placed in service pursuant to a lease arrangement with an unaffiliated third party.  The lease requires the lessee to pay the Company $2,500 per month plus 10% of the revenue collected by the lessee from its use or sublease of the truck. The lease is for a term of two years and the lessee has the option to purchase the truck at the end of the lease term for 75% of the Company's purchase price.  

 

The Company calculated the depreciation of the truck using straight-line method with a useful life of three years. For the year ended September 30, 2012, the Company recorded depreciation expense of $11,055 and lease income of $19,203. At June 30, 2012, the Company terminated the lease and wrote off the lease income receivable of $5,616 as bad debt expense due to the lessee’s cash flow problems.