PROPERTY AND EQUIPMENT

9 Months Ended

Jul. 31, 2013

(3)	PROPERTY AND EQUIPMENT

Property and equipment is stated at cost. The Company records depreciation and amortization, when appropriate, using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income (loss).

			At July 31, 2013							At October 31, 2012
	Depreciable Life (in years)		Cost $		Accumulated Depreciation $			Net Book Value $		Cost $		Accumulated Depreciation $			Net Book Value $
Office Equipment		1-2		3,830		(3,830	)		-		3,830		(3,830	)		-
Computer Equipment		1-3		101,975		(98,072	)		3,903		101,975		(73,303	)		28,672
Furniture		1-2		650		(650	)		-		650		(481	)		169
				106,455		(102,552	)		3,903		106,455		(77,614	)		28,841

The depreciation expense for the nine months ended July 31, 2013 amounted to $24,938 and for the nine months ended July 31, 2012 amounted to $30,590.

- 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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