Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2014

NOTE 5 – PROPERTY AND EQUIPMENT

Furniture fixtures and equipment, stated at cost, less accumulated depreciation at December 31 consisted of the following:

		March 31, 2014		December 31, 2013
Furniture Fixtures & Equipment	$	104,165	$	104,165
Leasehold improvements		12,230		12,230
Less: accumulated depreciation		(52,121)		(43,799)
Fixed assets, net	$	64,274	$	72,596

During the year ended December 31, 2013 the Company determined that it was in its best interest to no longer pursue the marketing and production the Xsize sandal. Consequently the molds and tools used for the manufacturing of this product are of no future use to the Company and were returned to the distributer. The write off of the assets resulted in a $35,259 loss on disposal.

Depreciation expense

Depreciation expense for the three months ended March 31, 2014 and 2013 was $8,322 and $10,667, 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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