Annual report pursuant to section 13 and 15(d)

Note 4 - Property and Equipment

v2.4.0.8
Note 4 - Property and Equipment
 12 Months Ended
Dec. 31, 2012
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment Disclosure [Text Block]

4.   Property and Equipment


Property and equipment consist of the following as of December 31:


 

 

2012

 

 

2011

 

 

 

 

 

 

 

 

Equipment

 

$

1,044,969

 

 

$

934,253

 

Furniture and fixtures

 

 

105,376

 

 

 

106,054

 

Leasehold improvements

 

 

157,236

 

 

 

157,236

 

Computer equipment and software

 

 

114,786

 

 

 

101,482

 

Loaned systems

 

 

1,063,777

 

 

 

723,975

 

 

 

 

2,486,144

 

 

 

2,023,000

 

Less accumulated depreciation and amortization

 

 

(1,199,029

)

 

 

(804,170

)

Total property and equipment, net

 

$

1,287,115

 

 

$

1,218,830

 


Depreciation and amortization expense for the years ended December 31, 2012, 2011, and 2010 was $398,970, $336,885, and $246,331, respectively.


The Company may loan the reusable components of a ClearPoint system to a customer. Any such customer can then use the loaned ClearPoint system to perform procedures using ClearPoint disposable products which are purchased from the Company. Accordingly, the $1,063,777 and $723,975 of loaned systems at December 31, 2012 and 2011, respectively, represent the historical cost of ClearPoint reusable components transferred from inventory to property and equipment. Depreciation on loaned ClearPoint systems is computed using the straight-line method based on an estimated useful life of five years. At December 31, 2012 and 2011, accumulated depreciation on loaned systems was $242,132 and $73,846, respectively.