Other Balance Sheet Information

3 Months Ended

Mar. 31, 2015

Notes to Financial Statements

Note 7. Other Balance Sheet Information

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

	March 31, 2015 (unaudited)			December 31, 2014
Prepaid expenses:
Prepaid insurance	$	16,577		$	24,866
Other		2,361			16,036
Prepaid expenses	$	18,938		$	40,902
Property and equipment:
Computers and office furniture, fixtures and equipment	$	28,031		$	28,031
Machinery and equipment		5,475			5,475
Less: accumulated depreciation		(31,588	)		(31,315	)
Property and equipment, net	$	1,918		$	2,191
Accrued expenses:
Other accrued expenses		36,846			42,770
Accrued expenses	$	36,846		$	42,770

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, 2015 consisted of computer and office equipment, machinery and equipment with estimated useful lives of three to seven years. Depreciation expense for the three months ended March 31, 2015 and 2014 was $273 and $274.  

Expenditures for repairs and maintenance are expensed as incurred.