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Property and Equipment

3 Months Ended

Mar. 31, 2015

3.

PROPERTY AND EQUIPMENT

Property and equipment is recorded at cost when acquired. Depreciation is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, hardware and software. During the quarter ended March 31, 2015, the Company invested $12,966 in machinery and equipment and furniture and fixtures and additional $10,348 in leasehold improvements which were recorded in accounts payable. Depreciation expense was $1,966 and $270 for the quarters ended March 31, 2015 and 2014, respectively. Property and equipment consists of the following at March 31, 2015 and December 31, 2014:

	March 31, 2015			December 31, 2014
Machinery and equipment	$	26,953		$	19,954
Computer equipment		12,075			12,075
Office furniture and fixtures		8,002			2,035
Leasehold improvements		10,348			—
		57,378			34,064
Less - accumulated depreciation		(9,006	)		(7,040	)
	$	48,372		$	27,024

- 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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