Galaxy Gaming, Inc. Quarterly report pursuant to sections 13 or 15(d)

Quarterly report pursuant to sections 13 or 15(d)

Property and Equipment

Property and Equipment

9 Months Ended

Sep. 30, 2011

Property and Equipment

Property and Equipment

Note 5: Property and Equipment

Property and equipment, recorded at cost, consisted of the following at September 30, 2011 and December 31, 2010:

	2011			2010
Computer equipment	$	42,839		$	37,403
Furniture and fixtures	63,401			51,187
Office equipment	10,320			10,320
Leasehold improvements	6,368			3,650
Subtotal	122,928			102,560
Less: Accumulated depreciation	(72,216		)	(58,459		)
Property and Equipment, net	$	50,712		$	44,101

Depreciation expense was $13,757 and $9,420 for the nine months ended September 30, 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.

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