Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2015
Restated [Member]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

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

    December 31, 2015   December 31, 2014
Equipment   $ 35,202     $ 35,202  
Furniture     37,276       37,276  
Computers & Hardware     5,187       5,187  
Leasehold improvements     —         12,230  
Moldings     59,955       86,455  
Less: accumulated depreciation     (102,320 )     (85,585 )
 Fixed assets, net   $ 35,300     $ 90,765  

 

During the year ended December 31, 2015, the Company ceased using the office space for which it had capitalized prior leasehold improvement expense of $12,230. Accordingly, the Company has determined that carrying amount of such asset is not recoverable and has written it down to $0, resulting in a loss on disposal of $7,148.

 

During the year ended December 31, 2015, the Company determined that it would no longer be using tooling that had been capitalized at $26,500. Accordingly, the Company has determined that carrying amount of such asset is not recoverable and has written it down to $0, resulting in a loss on disposal of $9,886.

 

Depreciation expense

 

Depreciation expense for the years ended December 31, 2015 and 2014 was $38,431 and $41,786, respectively.