Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment, Net

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Property and Equipment, Net
 9 Months Ended
Sep. 30, 2014
Property, Plant and Equipment [Abstract]  
Property and Equipment, net

NOTE 4 – PROPERTY AND EQUIPMENT, net

 

Property and equipment, net, consists of the following as of:

 

    September 30, 2014     December 31, 2013  
Research and development equipment   $ -     $ 686,673  
Leasehold improvements     -       153,161  
Information technology equipment     31,892       105,319  
Furniture and office equipment     10,161       78,678  
Software     -       9,386  
      42,053       1,033,217  
Less accumulated depreciation     (19,619 )     (1,007,176 )
Total property and equipment, net   $ 22,434     $ 26,041  

 

Depreciation expense was $1,783 and $5,241, for the three and nine-month periods ended September 30, 2014, respectively. Depreciation expense was $534 and $1,607, for the three and nine-month periods ended September 30, 2013, respectively.

 

During the three and nine month periods ended September 30, 2014, management recognized a loss of $0 related to the impairment of idle equipment and abandoned leasehold improvements and software.