Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
6 Months Ended
Jun. 30, 2017
Property and Equipment [Abstract]  
PROPERTY AND EQUIPMENT
4. PROPERTY AND EQUIPMENT

 

Property and equipment is recorded at cost when acquired.  Depreciation is provided principally on the straight-line method over the estimated useful lives of the related assets, which is 3-7 years for equipment, furniture and fixtures, hardware and software and leasehold improvements.   During the six months ended June 30, 2017, the Company invested $675 in shop machinery and equipment. Depreciation expense was $17,561 and $16,572 for the six months ended June 30, 2017 and 2016, respectively. Property and equipment consists of the following at June 30, 2017 and December 31, 2016:

 

      June 30, 2017     December 31, 2016  
  Shop machinery and equipment   $ 87,704     $ 87,029  
  Computers and electronics     35,270       35,270  
  Office furniture and fixtures     37,814       37,814  
  Leasehold improvements     19,514       19,514  
        180,302       179,627  
  Less - accumulated depreciation     (78,345 )     (60,784 )
      $ 101,957     $ 118,843