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:
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.
The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef