General form of registration statement for all companies including face-amount certificate companies

Property and equipment

Property and equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

Note 6 – Property and equipment

Property and equipment at December 31, 2013 and 2012 consisted of the following:

	Estimated Useful Life (in Years)	2013		2012
Machinery and equipment	5 - 7 years	$	773,894	$	478,290
Furniture and fixtures	5 years		79,612		54,058
Computer software	3 - 5 years		67,215		56,935
Leasehold improvements	*		397,158		326,366
			1,317,879		915,649
Less - accumulated depreciation and amortization			(679,853)		(480,037)
Net property, plant and equipment		$	638,026	$	435,612

* Lesser of estimated useful life of asset or lease term

Depreciation and amortization expense on property and equipment for the years ended December 31, 2013 and 2012 was $199,816 and $169,879, respectively. Estimated depreciation expense at December 31, 2013 for each of the five succeeding years is as follows:

2014	$	171,691
2015		130,287
2016		105,792
2017		79,616
2018		52,851
Thereafter		97,789
	$	638,026

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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