XML 24 R11.htm IDEA: XBRL DOCUMENT

Property and Equipment

9 Months Ended

Apr. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – Property and Equipment

Property and equipment are stated at cost. Depreciation is calculated using the straight-line method over the following estimated useful lives of the assets: furniture and fixtures – seven years; machinery and equipment – five years; software – five years; leasehold improvements – the life of the current facility lease. Major additions and betterments are capitalized and repairs and maintenance are charged to operations in the period incurred. Depreciation expense for the three months ended April 30, 2013 and 2012 was $1,578 and $1,496, respectively. Depreciation expense for the nine months ended April 30, 2013 and 2012 was $4,698 and $4,890, respectively.

		April 30, 2013				July 31, 2012
Furniture and fixture		$	27,634			$	27,635
Machinery and equipment			26,305				25,229
Software			359,417				359,417
Leasehold Improvements			5,985				5,985
			419,341				418,266
Accumulated depreciation			(402,651	)			(397,953	)
Property and equipment, net		$	16,690			$	20,313

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