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EXCEL - IDEA: XBRL DOCUMENT - Texas Rare Earth Resources Corp.Financial_Report.xls
10-K - TEXAS RARE EARTH RESOURCES CORP. FORM 10-K FOR THE FISCAL YEAR ENDED AUGUST 31, 2012 - Texas Rare Earth Resources Corp.trer10k083112.htm
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EX-31.2 - CERTIFICATION - Texas Rare Earth Resources Corp.ex31-2.htm
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EX-10.29 - SUPPLEMENTAL AGREEMENT - Texas Rare Earth Resources Corp.ex10-29.htm
EX-10.25 - EMPLOYMENT AGREEMENT - Texas Rare Earth Resources Corp.ex10-25.htm
EX-10.28 - SEVERANCE, WAIVER AND RELEASE AGREEMENT - Texas Rare Earth Resources Corp.ex10-28.htm
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EX-31.1 - CERTIFICATION - Texas Rare Earth Resources Corp.ex31-1.htm
v2.4.0.6
PROPERTY AND EQUIPMENT, NET
12 Months Ended
Aug. 31, 2012
Notes to Financial Statements  
PROPERTY AND EQUIPMENT, NET
NOTE 3 – PROPERTY AND EQUIPMENT, NET

Property and equipment consist of office furniture, equipment and vehicles.  The fixed assets are depreciated using the straight-line method over their estimated useful life of 3-20 years.  Our fixed assets consist of the following:

   
August 31, 2012
   
August 31, 2011
 
Furniture &office equipment
 
$
111,582
   
$
90,959
 
Vehicles
   
105,299
     
68,290
 
Computers & software
   
56,176
     
31,792
 
Field equipment
   
73,953
     
50,451
 
     Total cost basis
   
347,010
     
241,492
 
Less: Accumulated depreciation
   
(96,101
)
   
(23,973
)
     Property and equipment, net
 
$
250,909
   
$
217,519
 

Depreciation expense for the years ending August 31, 2012 and 2011 was $84,838 and $19,996, respectively.