Property and Equipment

12 Months Ended

Dec. 31, 2012

4. Property and Equipment

Property and equipment consist of the following:

	December 31,						Estimated
	2011			2010			Useful Life
Computer software	$	230,299		$	191,665		5 years
Equipment		573,134			182,637		15 years
Office furniture and equipment		95,754			20,085		7 years
Computer hardware		27,746			27,746		5 years
Leasehold improvements		303,318			87,914		(a)
Total		1,230,251			510,047
Less: accumulated depreciation and amortization		(286,402	)		(189,719	)
Property and equipment, net	$	943,849		$	320,328

(a)	Lesser of useful life or initial term of lease

Depreciation and amortization expense for the above assets for the years ended December 31, 2011 and 2010 was $96,683 and $98,636, respectively.

- 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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