Other Balance Sheet Information

6 Months Ended

Jun. 30, 2013

Notes to Financial Statements

Note 8. Other Balance Sheet Information

Components of selected captions in the accompanying balance sheets consist of:

Prepaid expenses:	June 30, 2013			December 31, 2012
Prepaid insurance	$	7,751		$	22,779
Prepaid expenses	$	7,751		$	22,779
Property and equipment:
Computers and office furniture, fixtures and equipment	$	28,031		$	28,031
Machinery and equipment		5,475			5,475
Less: accumulated depreciation		(29,673	)		(29,127	)
Property and equipment, net	$	3,833		$	4,380
Accrued expenses:
Professional fees	$	2,362			16,978
Accrued expenses	$	2,362			16,978

Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The Company’s property and equipment at June 30, 2013 and 2012 consisted of machinery and equipment with estimated useful lives of one to three years.

Depreciation expense for the three and six months ended June 30, 2013 was $274 and $548, respectively.  Depreciation expense for the three and six months ended June 30, 2012 was $4,098 and $10,027, respectively.

Expenditures for repairs and maintenance are expensed as incurred.