PROPERTY AND EQUIPMENT, NET

9 Months Ended

Sep. 30, 2014

PROPERTY AND EQUIPMENT, NET [Abstract]

NOTE 5 – PROPERTY AND EQUIPMENT, NET

At September 30, 2014 and December 31, 2013, property and equipment, net consists of the following:

	9/30/2014			12/31/2013
Production, engineering and other equipment	$	6,422,110		$	6,422,110
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		$	10,069,718
Accumulated depreciation	$	(8,764,880	)	$	(8,269,412	)

Property and equipment, net	$	1,304,838		$	1,800,306

Depreciation expense was $495,468 and $482,813 for the nine months ended September 30, 2014 and 2013, respectively. During the nine months ended September 30, 2014, the Company did not sell any equipment. For the nine months ended September 30, 2013, the Company sold equipment with a net book value of $2,084 and received proceeds of $750. The Company recognized a loss of $1,334 with respect to such sale of equipment.

- 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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