Property and Equipment |
5. Property and Equipment. A summary of property and equipment and the estimated useful lives used in the computation of depreciation and amortization is as follows:
Fixed Asset
|
|
Useful Life
|
|
June 30, 2012
|
|
|
December 31, 2011
|
|
Vehicles
|
|
5 years
|
|
$ |
300,370
|
|
|
$
|
300,370
|
|
Furniture and Fixtures
|
|
10 years
|
|
|
64,539
|
|
|
|
60,936
|
|
Computers
|
|
5 years
|
|
|
192,342
|
|
|
|
191,206
|
|
MFG equipment
|
|
10 years
|
|
|
4,026,120
|
|
|
|
3,967,302
|
|
Lab Equipment
|
|
10 years
|
|
|
988,122
|
|
|
|
821,639
|
|
Bldg/Leasehold
|
|
19 years (remainder of lease)
|
|
|
1,652,065
|
|
|
|
1,608,055
|
|
Building
|
|
40 years
|
|
|
571,141
|
|
|
|
571,141
|
|
Land
|
|
Not depreciated
|
|
|
380,000
|
|
|
|
380,000
|
|
|
|
|
|
|
8,174,699
|
|
|
|
7,900,649
|
|
Accumulated depreciation
|
|
|
|
|
(4,764,832
|
)
|
|
|
(4,558,202
|
)
|
Net
|
|
|
|
$
|
3,409,867
|
|
|
$ |
3,342,447
|
|
|
NOTE 4 – Property and Equipment
A summary of property and equipment and the estimated useful lives used in the computation of depreciation and amortization is as follows:
Fixed Asset
|
Useful Life
|
|
December 31, 2011
|
|
|
December 31, 2010
|
|
|
|
|
|
|
|
|
|
Vehicles
|
5 years
|
|
|
300,370 |
|
|
|
271,607 |
|
Furniture and Fixtures
|
10 years
|
|
|
60,936 |
|
|
|
66,195 |
|
Computers
|
5 years
|
|
|
191,206 |
|
|
|
142,978 |
|
MFG equipment
|
10 years
|
|
|
3,967,302 |
|
|
|
3,938,440 |
|
Lab Equipment
|
10 years
|
|
|
821,639 |
|
|
|
413,198 |
|
Building improvements
|
19 years
|
|
|
1,608,055 |
|
|
|
1,545,758 |
|
Building
|
40 years
|
|
|
571,141 |
|
|
|
571,141 |
|
Land
|
Not depreciated
|
|
|
380,000 |
|
|
|
380,000 |
|
|
|
|
|
7,900,649 |
|
|
|
7,329,317 |
|
Accumulated depreciation
|
|
|
|
(4,558,202 |
) |
|
|
(4,067,184 |
) |
Net
|
|
|
|
3,342,447 |
|
|
|
3,262,133 |
|
|