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Equipment

9 Months Ended

Sep. 30, 2012

3. Equipment

At September 30, 2012 and December 31, 2011, equipment, furniture and fixtures were comprised of the following:

	September 30, 2012 (unaudited)			December 31, 2011
Equipment, furniture and fixtures	$	2,062,655		$	1,900,090
Accumulated depreciation		(811,572	)		(552,311	)
Equipment, net	$	1,251,083		$	1,347,779

Depreciation expense amounted to $283,637 and $260,646 for the nine months ended September 30, 2012 and 2011, respectively. The difference between the depreciation expense recognized in the condensed consolidated statement of operations and the increase in accumulated depreciation of $259,261 per the condensed consolidated balance sheet is partially attributed to the write off of $21,658 of fully depreciated assets offset by foreign currency rates.

- 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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