Property and Equipment

3 Months Ended

Mar. 31, 2013

4. Property and Equipment

	December 31,			March 31,
	2012			2013

Property and equipment:
Computer equipment	$	39,554		$	39,554
Furniture and fixtures	17,548			17,548
Construction in progress	—			1,432,748
Total property and equipment	$	57,102		$	1,489,850
Less accumulated depreciation	(35,126		)	(38,543		)
Property and equipment, net	$	21,976		$	1,451,307

The Company utilizes the straight-line method for depreciation, using two to five-year depreciable asset lives. Depreciation expense was not material for all periods presented.

- 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.

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