Other Balance Sheet Information

9 Months Ended

Sep. 30, 2015

Notes to Financial Statements

Note 7. Other Balance Sheet Information

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

Prepaid expenses:	September 30, 2015 (unaudited)			December 31, 2014
Prepaid insurance	$	35,195		$	24,866
Other		-			16,036
Prepaid expenses	$	35,195		$	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		(32,134	)		(31,315	)
Property and equipment, net	$	1,372		$	2,191
Accrued expenses:
Other Accrued expenses	$	40,795			42,770
Accrued expenses	$	40,795			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 September 30, 2015 consisted of computer and office equipment, machinery and equipment with estimated useful lives of three to seven years. Depreciation expense for the three and nine months ended September 30, 2015 was $273 and $820, while depreciation expense for the three and nine months ended September 30, 2014 was $273 and $821, respectively.

Expenditures for repairs and maintenance are expensed as incurred.