Quarterly report pursuant to Section 13 or 15(d)

NOTE 4 - PROPERTY AND EQUIPMENT

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NOTE 4 - PROPERTY AND EQUIPMENT
9 Months Ended
Sep. 30, 2016
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
NOTE 4 – PROPERTY AND EQUIPMENT

Property and equipment as of September 30, 2016 and December 31, 2015 is summarized as follows:

 
 
September 30,
2016
   
December 31,
2015
 
Computer equipment
 
$
80,544
   
$
68,449
 
Furniture and fixtures
   
10,117
     
10,117
 
Subtotal
   
90,661
     
78,566
 
Less accumulated depreciation
   
(67,969
)
   
(60,158
)
Property and equipment, net
 
$
22,692
   
$
18,408
 

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.

Depreciation expense was $2,570 and $7,811 for the three and nine months ended September 30, 2016, respectively; and $2,607 and $7,948 for the three and nine months ended September 30, 2015, respectively.