PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2012

PROPERTY AND EQUIPMENT, NET [Abstract]

NOTE 5 – PROPERTY AND EQUIPMENT, NET

At September 30, 2012 and December 31, 2011, property and equipment, net consists of the following:

	9/30/2012			12/31/2011
Production, engineering and other equipment	$	6,426,432		$	6,702,194
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
	$	10,074,040		$	10,349,802
Accumulated depreciation	$	(7,464,764	)	$	(7,160,804	)
Property and equipment, net	$	2,609,276		$	3,188,998

Depreciation expense was $167,907 and $188,796 for the three months ended September 30, 2012 and September 30, 2011, respectively. Depreciation expense was $518,824 and $526,074 for the nine months ended September 30, 2012 and 2011, respectively. During 2012, the Company sold equipment with a net book value of $60,899 for a total of $110,000. The Company recognized a gain of $49,101 with respect to such sale of equipment.

- 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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