Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2016
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 6 – PROPERTY AND EQUIPMENT

 

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

    December 31, 2016     December 31, 2015
Equipment  $ 35,202   $ 35,202
Furniture   18,776     37,276
Computers & Hardware   5,187     5,187
Leasehold improvements   -     -
Moldings   -     59,955
Less: accumulated depreciation   (59,165)     (102,320)
 Fixed assets, net $ -   $ 35,300

 

 

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.

 

During the year ended December 31, 2016, the Company determined that it would no longer be using tooling that had been capitalized at $59,995. 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 $20,461.

 

Depreciation expense

 

Depreciation expense for the years ended December 31, 2016 and 2015 was $14,839 and $38,431, respectively.