Annual report pursuant to section 13 and 15(d)

PROPERTY, EQUIPMENT AND SOFTWARE

v2.4.0.8
PROPERTY, EQUIPMENT AND SOFTWARE
 12 Months Ended
Dec. 31, 2013
PROPERTY, EQUIPMENT AND SOFTWARE [Abstract]  
PROPERTY, EQUIPMENT AND SOFTWARE

NOTE 4 - PROPERTY, EQUIPMENT AND SOFTWARE


Property and Equipment


                 

 

 

December 31,

 

 

 

2013

 

 

2012

 

Computer software (purchased)

 

$

590

 

 

$

590

 

Website development costs

 

 

10,072

 

 

 

10,072

 

Furniture, fixtures, and equipment

 

 

40,712

 

 

 

40,712

 

Leasehold improvements

 

 

1,664

 

 

 

1,664

 

 

 

 

53,038

 

 

 

53,038

 

Less accumulated depreciation and amortization

 

 

(40,447

)

 

 

(34,732

)

 

 

$

12,591

 

 

$

18,306

 


Depreciation expense was $5,715 and $7,177 for the years ended December 31, 2013 and 2012 respectively.


Software


Version 3 of the Company's "On Site Physical Inventory" (OSPI) product has been released. The Company has capitalized the cost of the OSPI software pursuant to the guidelines of ASC 985-20 "Costs of Software to be Sold, Leased or Marketed".


                 

 

 

 

 

 

As of

December 31,

 

 

 

 

 

 

2012

 

Software development costs

  

  

 

  

  

$

36,022

  

Less: accumulated amortization

 

 

 

 

 

 

(36,022

)

 

 

 

 

 

 

$

-

 


Amortization expense was $27,017 for the year ended December 31, 2012.