Quarterly report pursuant to Section 13 or 15(d)

NOTE 4 - PROPERTY AND EQUIPMENT

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NOTE 4 - PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2016
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment is summarized as follows:

 
 
June 30, 2016
   
December 31, 2015
 
Leasehold improvements
 
$
30,557
   
$
30,557
 
Equipment, furniture and fixtures
   
1,688,281
     
1,471,268
 
 
   
1,718,838
     
1,501,825
 
Less: Accumulated depreciation
   
(1,192,763
)
   
(1,076,478
)
 
               
 Property and equipment, net
 
$
526,075
   
$
425,347
 

Depreciation expense related to these assets was $58,478 and $116,285 respectively for the three and six months ended June 30, 2016 as compared to $39,800 and $78,007 for the three and six months ended June 30, 2015. 

Property and equipment under capital leases are summarized as follows:

 
 
June 30, 2016
   
December 31, 2015
 
Equipment, furniture and fixtures
   
498,954
     
433,536
 
Less: Accumulated depreciation
   
(283,996
)
   
(232,228
)
 
               
 Property and equipment, net
 
$
214,958
   
$
201,308