Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 12 Months Ended
Dec. 31, 2014
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    December 31,  
    2014     2013  
             
Field and shop equipment   $ 1,690,900     $ 1,361,100  
Vehicles     672,300       516,700  
Waste destruction equipment, leased     1,145,600       164,900  
Waste destruction equipment, not placed in service     2,325,900       542,500  
Furniture and office equipment     291,300       27,500  
Leasehold improvements     65,400       55,500  
Equipment, construction in progress     —       30,600  
      6,191,400       2,698,800  
Less: accumulated depreciation and amortization     (1,342,600 )     (935,900 )
   Property and equipment, net   $ 4,848,800     $ 1,762,900  

 

Depreciation expense for the years ended December 31, 2014 and 2013 was $406,600 and $287,900, respectively.

 

For the year ended December 31, 2014 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $363,600 and $43,000, respectively. For the year ended December 31, 2013 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $199,200 and $88,700, respectively.

 

Accumulated depreciation on leased waste destruction equipment included in accumulated depreciation and amortization above is $48,400 and $0 for the years ended December 31, 2014 and 2013, respectively.

 

Property and equipment includes the following amounts for leases that have been capitalized at December 31: 

 

    2014     2013  
             
Field and shop equipment   $ 229,400     $ 241,500  
Less: accumulated amortization     (36,800 )     (27,000 )
    $ 192,600     $ 214,500