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

3 Months Ended

Mar. 31, 2012

Property and equipment, recorded at cost, consisted of the following as of:

	March 31, 2012			December 31, 2011
Computer equipment	$	43,845		$	43,845
Furniture and fixtures		62,976			62,976
Office equipment		10,320			10,320
Leasehold improvements		6,367			6,367
Subtotal		123,508			123,508
Less: Accumulated depreciation		(85,137	)		(80,871	)
Property and Equipment, net	$	38,371		$	42,637

Depreciation expense was $4,265 and $4,190 for the three months ended March 31, 2012 and 2011, 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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