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v2.3.0.11
PROPERTY, PLANT AND EQUIPMENT
6 Months Ended
Jun. 30, 2011
Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT


The Company’s property, plant and equipment at June 30, 2011 and December 31, 2010 consist of the following:


 

 

 

 

 

 

 

 

 

 

June 30,
2011

 

December
31, 2010

 

 

 

(unaudited)

 

 

 

 

 


 


 

Leasehold improvements

 

$

345,381

 

$

345,381

 

Factory equipment

 

 

2,381,478

 

 

2,381,478

 

Furniture and fixtures

 

 

21,709

 

 

21,709

 

Office equipment

 

 

20,545

 

 

20,545

 

Vehicles

 

 

131,225

 

 

131,225

 

Computer equipment and software

 

 

148,300

 

 

148,300

 

Web design

 

 

51,505

 

 

51,505

 









Total

 

 

3,100,143

 

 

3,100,143

 

Less accumulated depreciation

 

 

729,121

 

 

537,468

 









Net

 

$

2,371,022

 

$

2,562,675

 

 

 



 



 


Property and equipment are recorded on the basis of cost. For financial statement purposes, property, plant and equipment are depreciated using the straight-line method over their estimated useful lives.


Expenditures for repair and maintenance which do not materially extend the useful lives of property and equipment are charged to operations. When property or equipment is sold or otherwise disposed of, the cost and related accumulated depreciation are removed from the respective accounts with the resulting gain or loss reflected in operations. Management periodically reviews the carrying value of its property and equipment for impairment.


Depreciation expense was $95,826 and $100,015 for the three months ended June 30, 2011 and 2010, respectively, of which $66,641 and $57,642 was included as part of cost of sales for the three months ended June 30, 2011 and 2010, respectively.


Depreciation expense was $191,653 and $198,575 for the six months ended June 30, 2011 and 2010, respectively, of which $133,282 and $115,155 was included as part of cost of sales for the six months ended June 30, 2011 and 2010, respectively.