PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2013

PROPERTY AND EQUIPMENT, NET [Abstract]

NOTE 5 – PROPERTY AND EQUIPMENT, NET

At December 31, property and equipment, net consists of the following:

	12/31/13	12/31/12
Production, engineering and other equipment	$6,422,110	$6,426,432
Leasehold improvements	2,904,188	2,904,188
Office equipment and furniture	603,182	603,182
Computer equipment and related software	140,238	140,238
	$10,069,718	$10,074,040
Accumulated depreciation	($8,269,412)	($7,628,075)
Property and equipment, net	$1,800,306	$2,445,965

Depreciation expense was $643,575 and $682,134 for the years ended December 31, 2013 and 2012, respectively. During the year ended December 31, 2013, the Company sold a fixed asset with a net book value of $2,084 in exchange for cash of $750 and recorded a loss on the sale of $1,334. For the twelve months ended December 31, 2012, the Company sold equipment with a net book value of $60,899 for a total of $110,000 and recorded a gain on the sale of $49,101.

- 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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