Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2014
Notes to Financial Statements  
PROPERTY AND EQUIPMENT

NOTE 5 – PROPERTY AND EQUIPMENT

 

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

 

    September 30, 2014     December 31, 2013
Furniture Fixtures &Equipment  $ 164,120   $ 104,165
Leasehold improvements   12,230     12,230
Less: accumulated depreciation   (73,276)     (43,799)
 Fixed assets, net $ 103,074   $ 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 nine months ended September 30, 2014 and 2013 was $29,476 and $19,395, respectively.