Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
 3 Months Ended
Mar. 31, 2015
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    March 31, 2015   December 31, 2014
                 
Field and shop equipment   $ 1,776,300     $ 1,690,900  
Vehicles     943,900       672,300  
Waste destruction equipment, leased     1,148,000       1,145,600  
Waste destruction equipment, not placed in service     2,340,100       2,325,900  
Furniture and office equipment     301,900       291,300  
Leasehold improvements     65,400       65,400  
      6,575,600       6,191,400  
Less: accumulated depreciation and amortization     (1,469,200 )     (1,342,600 )
   Property and equipment, net   $ 5,106,400     $ 4,848,800  

 

Depreciation expense for the three months ended March 31, 2015 and 2014 was $126,600 and $71,900, respectively. For the three months ended March 31, 2015 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $106,900 and $19,700 respectively. For the three months ended March 31, 2014 depreciation expense included in cost of goods sold and selling, general and administrative expenses was $65,800 and $6,100, respectively.

 

Accumulated depreciation on leased waste destruction equipment included in accumulated depreciation and amortization above is $24,500 and $0 for the three months ended March 31, 2015 and 2014, respectively.

 

Property and equipment included the following amounts for leases that have been capitalized at:

 

    March 31,   March 31
    2015   2014
Vehicles, field and shop equipment   $ 347,800     $ 241,500  
Less: accumulated amortization     (81,100 )     (30,500 )
    $ 266,700     $ 211,000