PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2013

NOTE 4 - PROPERTY AND EQUIPMENT

The components of property and equipment are as follows:

	December 31,
	2013			2012
Land	$	1,808,958		$	1,808,958
Buildings and improvements	9,088,367			9,075,751
Furniture and equipment	1,352,260			1,171,726
	12,249,585			12,056,435
Less accumulated depreciation	(2,376,387		)	(1,898,506		)

	$	9,873,198		$	10,157,929

Depreciation expense for the years ended December 31, 2013 and 2012 amounted to $557,113 and $551,495 respectively.

- 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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