Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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PROPERTY AND EQUIPMENT
6 Months Ended
Jun. 30, 2015
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 3 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    June 30,
2015
  December 31,
2014
         
Field and shop equipment   $ 2,042,100     $ 1,690,900  
Vehicles     750,800       672,300  
Waste destruction equipment, leased     1,213,000       1,145,600  
Waste destruction equipment, not placed in service     2,376,800       2,325,900  
Furniture and office equipment     308,500       291,300  
Leasehold improvements     65,400       65,400  
      6,756,600       6,191,400  
Less: accumulated depreciation and amortization     (1,595,800 )     (1,342,600 )
Property and equipment, net   $ 5,160,800     $ 4,848,800  

 

    Three Months Ended   Six Months Ended
    June 30, 2015   June 30, 2014   June 30, 2015   June 30, 2014
                 
Cost of Goods Sold   $ 106,900     $ 93,100     $ 213,900     $ 159,100  
General & Administrative     19,600       8,400       39,300       13,900  
Total Depreciation Expense   $ 126,500     $ 101,500     $ 253,200     $ 173,000  

 

Accumulated depreciation on leased waste destruction equipment included in accumulated depreciation and amortization above is $4 and $48,400 as of June 30, 2015 and December 31, 2014.

 

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

 

    June 30,   December 31,
    2015   2014
         
Vehicles, field and shop equipment   $ 462,700     $ 229,400  
Less: accumulated amortization     (98,700 )     (36,800 )
    $ 364,000     $ 192.600