Quarterly report pursuant to Section 13 or 15(d)

NOTE 4 - PROPERTY AND EQUIPMENT

v3.7.0.1
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:

 
 
June 30,
2017
   
December 31,
2016
 
Computer equipment
 
$
82,101
   
$
84,704
 
Furniture and fixtures
   
10,117
     
10,117
 
Subtotal
   
92,217
     
94,821
 
Less accumulated depreciation
   
(75,685
)
   
(70,633
)
Property and equipment, net
 
$
16,532
   
$
24,188
 

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.