Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2013

Property, Plant and Equipment [Abstract]

NOTE 3 - PROPERTY AND EQUIPMENT

Property and equipment was comprised of the following:

	September 30,			December 31,
	2013			2012

Field and shop equipment	$	1,301,400		$	1,051,900
Vehicles		516,700			382,500
Furniture and office equipment		25,200			24,500
Leasehold improvements		55,500			55,500
		1,898,800			1,514,400
Less: accumulated depreciation and amortization		(860,000	)		(762,300	)
Property and equipment, net	$	1,038,800		$	752,100

Depreciation expense and amortization of leasehold improvements was $74,500 and $59,300, respectively, for the three months ended September 30, 2013 and 2012, and was $212,000 and $183,300, respectively, for the nine months ended September 30, 2013 and 2012.

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

	September 30,			December 31,
	2013			2012

Field and shop equipment	$	131,500		$	148,500
Less: accumulated amortization		(34,300	)		(29,500	)
	$	97,200		$	119,000

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details