General form of registration statement for all companies including face-amount certificate companies

Property and Equipment

Property and Equipment

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Property and Equipment [Abstract]

Property and Equipment

Note 3 – Property and Equipment

Property and equipment consisted of the following at June 30, 2013 and December 31, 2012:

	Lives	2013			2012

Office equipment	5 years	$	157,274		$	156,162
Furniture and fixture	7 years		1,292			1,292

Total property and equipment			158,566			157,454
Less: accumulated depreciation			(154,444			(154,444	)
Loss on disposition of equipment			(4,122	)		-

Property and equipment, net		$	-		$	3,010

Depreciation expense for the three months ended June 30, 2013 and 2012 were $0 and $159, respectively. Depreciation expense for the six months ended June 30, 2013 and 2012 were $0 and $317 respectively. The Company wrote off its remaining underpreciated property and equipment during the six months ended June 30, 2013.

Note 4 – Property and Equipment

Property and equipment consisted of the following at December 31, 2012 and 2011:

	Lives	2012			2011

Office equipment	5 years	$	156,162		$	153,804
Furniture and fixture	7 years		1,292			1,292

Total property, plant and equipment			157,454			155,096
Less: accumulated depreciation			(154,444	)		(153,863	)

Property and equipment		$	3,010		$	1,233

Depreciation expense for the years ended December 31, 2012 and 2011 were $581 and $633, respectively.

- Definition

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.

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