Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

v3.20.1
PROPERTY AND EQUIPMENT
12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

NOTE 4 – PROPERTY AND EQUIPMENT


Property and equipment as of December 31, 2019 and 2018 is summarized as follows:


   

2019

   

2018

 

Computer equipment

  $ 155,126     $ 105,447  

Furniture and fixtures

    71,463       32,619  

Manufacturing equipment

    29,098       -  

Less accumulated depreciation

    (75,319

)

    (93,720

)

Property and equipment, net

  $ 180,368     $ 44,346  

Property and equipment are stated at cost and depreciated using the straight-line method over their estimated useful lives of 3 to 5 years. When retired or otherwise disposed, the related carrying value and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition, is reflected in earnings.


During the year ended December 31, 2019, the Company recognized a gain of $452 on disposal of equipment.


Depreciation expense was $38,773 and $12,403 for year ended December 31, 2019 and 2018, respectively.