FIXED ASSETS
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIXED ASSETS |
NOTE 5 FIXED ASSETS
Fixed assets, stated at cost, less accumulated depreciation at September 30, 2012 and December 31, 2011 consisted of the following:
Depreciation expense
Depreciation expense for the nine months ended September 30, 2012 and 2011 was 10,634 and $1,693.
Molds for sandals
On August 1, 2012, production of sandals began and accordingly the Company began depreciating the cost of the sandals molds. The Company is depreciating the molds based on the 2009 US Master Depreciation Guide asset class.30.21: Manufacture of Finished Plastic Products-Special Tools. Under this guidance, the molds will be depreciated using the straight-line depreciation method over a life of three years. |