Property and Equipment

12 Months Ended

Dec. 31, 2012

Property, Plant and Equipment [Abstract]

4. Property and Equipment

Property and equipment consist of the following:

	December 31,						Estimated
	2012			2011			Useful Life

Computer software	$	230,299		$	230,299		5 years
Equipment		544,108			573,134		15 years
Office furniture and equipment		95,754			95,754		7 years
Computer hardware		27,746			27,746		5 years
Leasehold improvements		303,318			303,318		(a)
Total		1,201,225			1,230,251
Less: accumulated depreciation and amortization		(433,204	)		(286,402	)
Property and equipment, net	$	768,021		$	943,849

(a)	Lesser of useful life or initial term of lease

The cost basis of the equipment was adjusted during 2012 due to the restructuring of an equipment lease payable (see Note 9). Depreciation and amortization expense for the above assets for the years ended December 31, 2012 and 2011 was $146,802 and $96,683, respectively.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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