Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

NOTE 5 – PROPERTY AND EQUIPMENT

Property and equipment at December 31, 2011 and 2010 consist of the following:


		December 31, 2011		December 31, 2010

Furniture & fixtures	$	51,617	$	51,617
Equipment		112,879		112,879
Leasehold improvements		148,359		143,639

		312,855		308,135
Less accumulated depreciation and amortization		(229,309)		(137,876)

	$	83,546	$	170,259

Depreciation and amortization was $36,560 and $91,433 for the years ended December 31, 2010 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