Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

6 Months Ended

Jun. 30, 2013

NOTE 3 - PROPERTY AND EQUIPMENT

Property and equipment at June 30, 2013 and December 31, 2012 consists of the following:

		June 30, 2013		December 31, 2012
		(Unaudited)
Furniture and fixtures	$	3,017	$	51,617
Equipment		-		112,879
Leasehold improvements		-		151,859

		3,017		316,355
Less accumulated depreciation and amortization		(3,017)		(303,152)

	$	-	$	13,203

Depreciation and amortization was $13,203 and $34,566 for the six months ended June 30, 2013 and 2012 respectively. On March 31, 2013, the lease expired for the office and production space located in Scottsdale, Arizona. The Company closed this operation and subcontracted the production. Fully depreciated fixed assets of $298,765 were written off as a result of the lease expiration.

- 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.

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