Annual report pursuant to Section 13 and 15(d)

Property and equipment

Property and equipment

12 Months Ended

Dec. 31, 2013

Property, Plant and Equipment [Abstract]

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 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