Property and Equipment

6 Months Ended

Jun. 30, 2012

3. Property and Equipment

Property and equipment was comprised as follows:

	June 30, 2012		December 31, 2011
Equipment	$	1,144,400	$	1,077,200
Furniture		380,200		236,000
Leasehold improvements		147,500		23,000
		1,672,100		1,336,200
Less: accumulated depreciation and amortization		1,288,600		1,292,300
	$	383,500	$	43,900

Aggregate property and equipment depreciation and amortization expense was $27,800 during the three-month period ended June 30, 2012 and $41,500 during the six-month period ended June 30, 2012. During the six-month period ended June 30, 2012, we capitalized the following costs: equipment; $67,200, furniture; $167,000 and leasehold improvements; $147,500.

- 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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