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EXCEL - IDEA: XBRL DOCUMENT - Aurum, Inc.Financial_Report.xls
10-K - AURUM, INC. 10-K - Aurum, Inc.a50542700.htm
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v2.4.0.6
PROPERTY AND EQUIPMENT
12 Months Ended
Oct. 31, 2012
PROPERTY AND EQUIPMENT
(4)           PROPERTY AND EQUIPMENT
 
Property and equipment is stated at cost. The Company records depreciation and amortization, when appropriate, using the straight-line method over the estimated useful lives of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the property’s useful life are capitalized. Property sold or retired, together with the related accumulated depreciation is removed from the appropriate accounts and the resultant gain or loss is included in net income (loss).
 
         
At October 31, 2012
   
At October 31, 2011
 
   
Depreciable
Life
(in years)
   
Cost
$
   
Accumulated Depreciation
$
   
Net
Book
Value
$
   
Cost
$
   
Accumulated Depreciation
$
   
Net
Book
Value
$
 
Office Equipment
  1-2       3,830       (3,830 )     -       3,830       (3,383 )     447  
Computer Equipment
  1-3       101,975       (73,303 )     28,672       101,975       (34,031 )     67,944  
Furniture
  1-2       650       (481 )     169       650       (155 )     495  
              106,455       (77,614 )     28,841       106,455       (37,569 )     68,886  
 
The depreciation expense for fiscal 2012 amounted to $40,044 and for fiscal 2011 amounted to $32,179.