Quarterly report pursuant to Section 13 or 15(d)

NOTE 2 - PROPERTY AND EQUIPMENT

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NOTE 2 - PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2014
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]
NOTE 2 – PROPERTY AND EQUIPMENT

Property and equipment as of June 30, 2014 and December 31, 2013 is summarized as follows:

   
June 30,
2014
   
December 31,
2013
 
Computer equipment
 
$
50,937
   
$
50,937
 
Furniture and fixtures
   
7,803
     
7,803
 
Subtotal
   
58,740
     
58,740
 
Less accumulated depreciation
   
(42,443
)
   
(33,874
)
Property and equipment, net
 
$
16,297
   
$
24,866
 

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 $4,134 and $8,569 for the three and six months ended June 30, 2014, respectively; and $4,259 and $7,951 for the three and six months ended June 30, 2013, respectively .