Galaxy Gaming, Inc. Annual report pursuant to section 13 and 15(d)

Annual report pursuant to section 13 and 15(d)

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2011

We owned property and equipment, recorded at cost, which consisted of the following at December 31, 2011 and 2010:

	2011			2010
Computer equipment	$	43,845		$	37,403
Furniture and fixtures		62,976			51,187
Office equipment		10,320			10,320
Leasehold improvements		6,367			3,650
Subtotal		123,508			102,560
Less: Accumulated depreciation		(80,871	)		(58,459	)
Property and equipment, net	$	42,637		$	44,101

Depreciation expense was $22,412 and $12,833 for the years ended December 31, 2011 and 2010, respectively.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

+ References + Details