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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2015
PROPERTY AND EQUIPMENT, NET [Abstract]  
PROPERTY AND EQUIPMENT, NET
NOTE 5 – PROPERTY AND EQUIPMENT, NET
 
At September 30, 2015 and December 31, 2014, property and equipment, net consists of the following:

  
9/30/2015
  
12/31/2014
 
Production, engineering and other equipment
 
$
-
  
$
6,422,110
 
Leasehold improvements
  
-
   
2,904,188
 
Office equipment and furniture
  
-
   
603,182
 
Computer equipment and related software
  
-
   
140,238
 
Capital lease asset
  
514,707
   
-
 
  
$
514,707
  
$
10,069,718
 
         
Accumulated depreciation
 
$ 
(21,446
)
 
$ 
(8,861,743
)
         
Property and equipment, net
 
$
493,261
  
$
1,207,975
 
 
Depreciation expense was $154,250 and $495,468 for the nine months ended September 30, 2015 and 2014, respectively.   On July 17, 2015, the Company completed a sale and leaseback transaction with Fordham Capital.  In the transaction the Company sold all of its production equipment, furniture and fixtures for $500,000.  From the proceeds of the sale, the company repaid outstanding borrowings of $200,000 due to Fordham Capital plus accrued interest of $3,112, franchise taxes of $96,542 and a security deposit of $15,800 related to the equipment lease.  The Company recognized a loss of 574,331.  During the nine months ended September 30, 2014, the Company did not sell any equipment.