NOTE 4 - PROPERTY AND EQUIPMENT
|6 Months Ended|
Jun. 30, 2017
|Property, Plant and Equipment [Abstract]|
|Property, Plant and Equipment Disclosure [Text Block]||
NOTE 4 – PROPERTY AND EQUIPMENT
Property and equipment as of June 30, 2017 and December 31, 2016 is summarized as follows:
During the six months ended June 30, 2017, the Company distributed equipment with a book value of $3,210 to a prior employee in connection with a settlement agreement.
Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.
Depreciation expense was $2,997 and $6,066 for the three and six months ended June 30, 2017, respectively; and $2,333 and $5,241 for the three and six months ended June 30, 2016, respectively.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://www.xbrl.org/2003/role/presentationRef