Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

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

NOTE 3 - PROPERTY AND EQUIPMENT

 

Property and equipment was comprised of the following:

 

    September 30, 2015   December 31, 2014
                 
Field and shop equipment   $ 2,074,600     $ 1,690,900  
Vehicles     750,800       672,300  
Waste destruction equipment, leased     1,216,200       1,145,600  
Waste destruction equipment, not placed in service     2,432,400       2,325,900  
Furniture and office equipment     314,700       291,300  
Leasehold improvements     65,400       65,400  
      6,854,100       6,191,400  
Less: accumulated depreciation and amortization     (1,722,400 )     (1,342,600 )
   Property and equipment, net   $ 5,131,700     $ 4,848,800  

 

    Three Month Ended   Nine months ended
    September 30, 2015   September 30, 2014   September 30, 2015   September 30, 2014
                 
Cost of Goods Sold   $ 106,900     $ 91,800     $ 320,800     $ 250,200  
General & Administrative     19,600       9,700       58,900       24,700  
Total Depreciation Expense   $ 126,500     $ 101,500     $ 379,700     $ 274,900  

 

Accumulated depreciation on leased waste destruction equipment included in accumulated depreciation and amortization above is $234,000 and $148,800 as of September 30, 2015 and December 31, 2014.

 

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

 

    September 30,   December 31
    2015   2014
                 
Vehicles, field and shop equipment   $ 462,700     $ 229,400  
Less: accumulated amortization     (106,700 )     (36,800 )
    $ 356,000     $ 192.600