General form of registration statement for all companies including face-amount certificate companies

Property and Equipment (Sound Concepts Inc.)

v3.19.1
Property and Equipment (Sound Concepts Inc.)
 11 Months Ended 12 Months Ended
Nov. 30, 2018
Dec. 31, 2018
Property and Equipment  

3. PROPERTY AND EQUIPMENT

 

Property and equipment consisted of the following as of December 31, 2018 and 2017.

 

    December 31, 2018     December 31, 2017  
             
Furniture and fixtures   $ 57,000     $ 57,000  
Office equipment     51,000       51,000  
                 
      108,000       108,000  
Less: accumulated depreciation     (97,00 )     (77,000 )
                 
    $ 11,000     $ 31,000  

 

Depreciation expense amounted to $20,000 and $22,000 for the year ended December 31, 2018 and 2017, respectively.
Sound Concepts, Inc. [Member]    
Property and Equipment

Note 5. Property and Equipment

 

    November 30,     December 31,  
    2018     2017     2016  
    Unaudited              
Computers   $ 20,000     $ 20,000     $ 42,000  
Furniture and fixture     26,000       26,000       26,000  
Machinery and equipment     141,000       127,000       127,000  
Software     113,000       113,000       142,000  
Vehicles     122,000       110,000       110,000  
Total property and equipment     422,000       396,000       447,000  
Accumulated Depreciation     (337,000 )     (350,000 )     (347,000 )
Total property and equipment, net   $ 85,000     $ 46,000     $ 100,000  

 

Depreciation expense for the years ended December 31, 2017 and 2016 amounted to $59,000 and $67,000, respectively. Depreciation expense for the eleven months ended November 30, 2018 and 2017 amounted to $32,000 and $82,000, respectively.

 

During the year ended December 31, 2017, the Company disposed certain fully depreciated property and equipment with an aggregate cost of $54,000.

 

During the eleven months ended November 30, 2018, the Company disposed a fully depreciated vehicle with a cost of $45,000. As a part of the disposal, the Company received a trade in allowance of $20,000 that was recorded as part of other income (expense) in the accompanying financial statements.