Annual report pursuant to Section 13 and 15(d)

Property and equipment

v2.4.0.8
Property and equipment
12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
Property and equipment
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