Annual report pursuant to Section 13 and 15(d)

Property and Equipment, Disclosure

v3.7.0.1
Property and Equipment, Disclosure
12 Months Ended
Dec. 31, 2016
Notes  
Property and Equipment, Disclosure

4.             PROPERTY AND EQUIPMENT:

 

A summary of the cost of property and equipment, by component, and the related accumulated depreciation is as follows:

 

 

December 31,

2016

 

December 31,

2015

Computer equipment & software

$

19,150

 

$

19,150

Accumulated depreciation

 

(19,150)

 

 

(18,991)

 

$

--

 

$

159

 

 

Depreciation expense was $159 and $60,251 for the years ended December 31, 2016 and 2015, respectively. The Company recognized a loss on disposal of fixed assets of $60,743 during the year ended December 31, 2015.  The Company reclassified fixed assets with a net book value of $186,549 to assets held for sale, at fair market value and recognized a loss on impairment of assets held for sale during the year ended December 31, 2015 of $62,554.