Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

Property and Equipment

3 Months Ended

Mar. 31, 2013

Note 3 – Property and Equipment

Property and equipment consisted of the following at March 31, 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 March 31, 2013 and 2012 were $0 and $158, respectively. The Company wrote off its remaining underpreciated property and equipment during the three months ended March 31, 2013.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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