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Note 4: Property and Equipment

12 Months Ended

Dec. 31, 2014

Note 4: Property and Equipment

Property and equipment consist of the following:

	December 31,	August 31,
	2014	2014	2013

Equipment	$ 1,503,845	$ 1,468,528	$ 1,401,811
Rental equipment	58,940	58,940	58,940
Furniture and fixtures	303,226	303,226	300,061
Building improvements	-	54,736	54,736
Building (held for sale)	956,000	956,000	956,000
Land (held for sale)	244,000	244,000	244,000

	3,066,011	3,085,430	3,015,548
Less equipment impairment	( 85,000)	-	-
Less accumulated depreciation	(1,840,140)	(1,817,769)	(1,695,668)

	$ 1,140,871	$ 1,267,661	$ 1,319,880

Depreciation expense totaled $43,280 for the four months ended December 31, 2014 and totaled $125,824 and $128,121 for the years ended August 31, 2014 and 2013, 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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