Annual report pursuant to Section 13 and 15(d)

Property and equipment

Property and equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

Property and equipment at December 31, 2014 and 2013 consisted of the following:



	Estimated Useful Life (in Years)	2014			2013
Machinery and equipment	5 - 7 years	$	936,705		$	773,894
Furniture and fixtures	5 years	99,346			79,612
Computer software	3 - 5 years	67,215			67,215
Leasehold improvements	*	427,791			397,158
		1,531,057			1,317,879
Less - accumulated depreciation and amortization		(872,636		)	(679,853		)
Net property, plant and equipment		$	658,421		$	638,026

* Lesser of estimated useful life of asset or lease term

Depreciation and amortization expense on property and equipment for the years ended December 31, 2014 and 2013 was $194,879 and $199,816, respectively.

- 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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