Other Balance Sheet Information

3 Months Ended

Mar. 31, 2014

Notes to Financial Statements

Note 7. Other Balance Sheet Information

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

Prepaid expenses:	March 31, 2014			December 31, 2013
Prepaid insurance	$	15,812		$	23,718
Other		-			6,500
Prepaid expenses	$	15,812		$	30,218
Property and equipment:
Computers and office furniture, fixtures and equipment	$	28,031		$	28,031
Machinery and equipment		5,475			5,475
Less: accumulated depreciation		(30,494	)		(30,221	)
Property and equipment, net	$	3,012		$	3,285
Accrued expenses:
Other Accrued expenses	$	25,411			19,711
Accrued expenses	$	25,411			19,711

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 March 31, 2014 and 2013 consisted of machinery and equipment with estimated useful lives of one to three years.

Depreciation expense for the three months ended March 31, 2014 and 2013 was $274.  

Expenditures for repairs and maintenance are expensed as incurred.