PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2012

NOTE 4 - PROPERTY AND EQUIPMENT

The components of property and equipment are as follows:

	December 31,
	2012			2011
Land	$	1,808,958		$	1,808,958
Buildings and improvements	9,075,751			8,685,469
Construction in process	—			21,270
Furniture and equipment	1,171,726			919,468
	12,056,435			11,435,165
Less accumulated depreciation	(1,898,506		)	(1,347,011		)

	$	10,157,929		$	10,088,154

Depreciation expense for the years ended December 31, 2012 and 2011 amounted to $551,495 and $566,608, respectively.

- 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.

+ References+ Details