Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2012 and 2011 consist of the following:


		December 31, 2012		December 31, 2011

Furniture & fixtures	$	51,617	$	51,617
Equipment		112,879		112,879
Leasehold improvements		151,859		148,359

		316,355		312,855
Less accumulated depreciation and amortization		(303,152)		(229,309)

	$	13,203	$	83,546

Depreciation and amortization was $73,843 and $91,433 for the years ended December 31, 2012 and 2011, respectively.

- 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